The high price of prescription drugs is the number one domestic policy issue in this country, and the CREATES Act is a bipartisan solution that will address some of the anticompetitive tactics that drive prices ever-higher. CREATES has been studied, debated, and voted out of committee. Now it is time for the full Congress to take up and pass this critical legislation.
When a brand-name prescription drug’s market exclusivity (its monopoly) and patents expire, generic and biosimilar medicines become available, the savings begin and patients win. That’s how the system is supposed to work. However, brand-name pharmaceutical companies have increasingly abused FDA’s safety programs (Risk Evaluation and Mitigation Strategies, or REMS) and other manufacturer-imposed restricted distribution of samples to delay competition and impede patient access to more affordable prescription drugs.
Patients are paying too much! A recent study shows that $13 billion a year in prescription drug savings are lost to brand prescription abuses.
When a brand-name prescription drug’s market exclusivity (its monopoly) and patents expire, generic and biosimilar medicines become available, the savings begin and patients win. That’s how the system is supposed to work.
Study Finds Costs of Brand Abuses Have Exploded in 4 Years, Harming Patient Access to Affordable Generic and Biosimilar Medicines
AAM's VP Policy Craig Burton shares the release of the 2018 Generic Drug Access & Savings in the U.S. report, which focused this year on savings from patient utilization of generic drugs. The report highlights 3 important findings:
Generic and Biosimilars Competition Drives Lower Prices and Reduced Out-of-Pocket Costs for Patients
WASHINGTON DC (June 14, 2018) – Today, the Senate Judiciary Committee, on a strong bipartisan basis, has taken a critical first step toward making real progress on the problem that U.S. patients care the most about: high drug prices. The full Senate and the House should follow the Judiciary Committee’s lead and pass a strong CREATES Act so President Trump can sign into law this important legislation that will help fulfill the goals of his American Patients First plan.
Since Apotex’s inception over 40 years ago, our company has focused on a sole purpose: improving access to affordable, innovative and high-quality medications. Over the years, we have seen the generics industry weather a number of challenges caused by legislative and regulatory changes in the markets in which we operate. The industry has also benefited from a number of positive changes that improve the ability of companies like Apotex to bring affordable generics and biosimilars to market – saving patients billions of dollars.
WASHINGTON DC (May 31, 2018) – AAM applauds FDA for issuing these guidances to address one form of brand gamesmanship that has delayed generic and biosimilar competition and price reductions for patients. Calls for voluntary action by brand companies to stop their efforts to thwart generic competition are not enough.
Congress Signals Intention to Pass Legislation Needed to End Games
WASHINGTON DC (May 17, 2018) – Today, the Food and Drug Administration (FDA) for the first time publicly identified brand-name pharmaceutical companies who abuse FDA’s safety programs or erect their own restricted distribution systems without an FDA mandate to delay competition from generic and biosimilar manufacturers. These anti-competitive tactics artificially extend the monopolies on blockbuster brand drugs and keep drug prices high for millions of patients.