President Donald Trump will get legislation on his desk late this year to lower prescription drug prices, Senate Aging Committee Chair Susan Collins predicted today.
“The biggest barrier is the complexity of who is making money in the supply chain,” said the Maine Republican.
She said legislation is needed to help the millions of Americans who are not taking life saving and life enhancing drugs because they can’t afford them.
Aiding the chances of Senate passage, said Collins, are a host of Senators on both sides of the aisle and several Senate committees from Aging to Finance to Judiciary to Health, Education, Labor and Pensions that are working to make lower drug prices happen.
She said she is optimistic about the chances of a bill she introduced this week with former Democratic Vice Presidential Candidate Virginia Senator Tim Kaine to curb the ability of biologic drug manufacturers to create “thickets” of up to hundreds of patents to keep competitors from introducing low-cost alternatives.
Collins has pointed out fewer than two percent of Americans use biologics to treat serious diseases including cancer, diabetes and multiple sclerosis, yet they account for nearly 40 percent of total drug spending.
As an example, she said rheumatoid arthritis biologic Humira, the world’s best-selling drug, is protected by more than 130 patents, some that extend to 2034.
“In 2017, brand name prescription drug prices increased four times faster than inflation. The time to act is now. Far too many Americans walk into the pharmacy to pick up a routine refill, only to walk out empty-handed, unable to pay the rising cost,” said Collins who represents the state with the largest percentage of residents 65 and over.
Her remarks came at a Senate Aging hearing where the ranking Democrat, Pennsylvania’s Bob Casey said legislators from his party should seriously consider Trump Administration proposals to lower drug prices.
“It doesn’t mean we will agree,” said Casey.
He said he would like to see legislation to let Medicare negotiate drug prices and to allow for the safe importation of drugs.
Many people in Arizona are going to Mexico to get medications because they can’t afford the drugs they need here to stay alive, noted a Republican senator from that state, Martha McSally.
