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Smith, Baldwin, Others Introduce Legislation to Cut Prescription Drug Prices

Ryan Juntti
Updated: June 12, 2019 09:46 PM

On Wednesday, Wis. Sen. Tammy Baldwin helped introduce the Affordable Medications Act, which she says would cut down on high prescription drug prices, and bring down healthcare costs for Americans.

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A news release from Baldwin's office says this would be done by:

  • Requiring pharmaceutical companies to report how much they spend on research and development, advertising, marketing, and CEO pay.
  • Making drugs more affordable by allowing medicare to use its buying power to negotiate lower prices.
  • Creating an innovation fund for new antibiotics and publicly funding clinical trials for new drugs to spur innovation.
  • Blocking unfair and anticompetive drug monopoly practices and helping more low-cost generic competitors come to market.

Baldwin says addressing the high cost of prescription drug prices is important so that Wisconsinites receive the medications they need.

"If the prices keep increasing, and it becomes out of reach of people who rely on them, this really does in some cases become life or death issues," said Baldwin.

The news release says spending on prescription drugs is expected to reach $360.3 billion this year, and that this drives up the overall cost of health care, which makes insurance premiums "increasingly unaffordable" and places an "unnecessary burden on taxpayers."

Credits

Ryan Juntti

Copyright 2019 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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