Affordable Medications Act reintroduced

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WASHINGTON, D.C. — U.S. Senator Sherrod Brown (D-Ohio) joined his colleagues in re-introducing his Affordable Medications Act, comprehensive legislation to hold large pharmaceutical companies accountable for high prices and bring down the costs of prescription drugs. 

The Affordable Medications Act is commonly referred to as the bill that “combines just about every policy idea drug lobbyists hate,” and proposes to increase transparency for drug companies that are setting exorbitant prices, end the restriction that prevents the federal Medicare program from using its buying power to negotiate lower drug prices for its beneficiaries, and curb drug company monopoly practices that keep prices high and prevent less expensive generics from coming to the market.

The bill also includes several provisions authored by Senator Brown, including his Stop Price Gouging Act, which would require drug companies to report and justify increases in drug prices, and penalize drug companies that engage in unjustified price increases with financial penalties proportionate to the price spike. It also includes Brown’s provision to reduce the exclusivity period for biologics from 12 to 7 years, which would help expand access to affordable medications. 

“For too long, Big Pharma has prioritized profits over patients, exploiting Ohioans and their families and forcing working families to make impossible decisions between putting food on the table and affording their child’s insulin,” said Brown. “It’s time to put an end to Big Pharma’s abusive practices of price gouging consumers year after year and ensure Ohioans can afford the medications they need to live longer and healthier lives.” 

Specifically, the Affordable Medications Act will work to lower drug prices 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; penalizing drug companies that spike drug prices; and allowing for the safe importation of cheaper drugs from other countries, like Canada;
• Creating an innovation fund for new antibiotics and publicly funding clinical trials for new drugs to spur innovation; and
• Blocking unfair and anticompetitive drug monopoly practices and helping more low-cost generic competitors come to market.

The Affordable Medications Act was introduced by Sen. Tina Smith (D-Minnesota). Brown is an original cosponsor of the legislation. The bill is also cosponsored by Senators Amy Klobuchar (D-Minnesota), Richard Blumenthal (D-Connecticut), Tom Udall (D-New Mexico), Elizabeth Warren (D-Massachusetts), Bernie Sanders (I-Vermont), Maggie Hassan (D-New Hampshire), Sheldon Whitehouse (D-Rhode Island), Jeff Merkley (D-Oregon), Jack Reed (D-Rhode Island), Tammy Baldwin (D-Wisconsin), Cory Booker (D-New Jersey), Richard Durbin (D-Illinois) and Kirsten Gillibrand (D-New York).