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Consumers
Set To Save Billions Following Senate Passage Of Generic Drug Access
Bill, Says Coalition
Still Has To Go To House
Aug. 1, 2002 - The
Coalition for a Competitive Pharmaceutical Market (CCPM) commended the
Senate for its passage yesterday of bipartisan legislation that could
save consumers billions of dollars through improved access to generic
drugs. Senate approval of the Greater Access to Affordable
Pharmaceuticals Act (S. 812) demonstrates policymakers commitment to
reining in escalating prescription drug costs by assuring that safe,
effective and affordable generic drugs get to market when they
should.
The legislation takes
significant steps to close loopholes in existing law that have allowed
brand-name manufacturers to block the market entry of generic drugs,
the group stated in a news release These loopholes, according to a new
study from the Federal Trade Commission (FTC), have resulted in
"strategies that may have prevented the availability of more generics
drugs" and "continue to have the potential for abuse."
A recent report from the
Congressional Budget Office concludes that consumer savings generated
from improved pharmaceutical market competition under S. 812 could
reach as much as $60 billion over the next ten years.
Once again, we applaud the
Senate for its leadership on this bill and look forward to working
with the House as it considers similar legislation in the coming
weeks, the release said.
The Coalition for a
Competitive Pharmaceutical Market (CCPM) is an organization of large
national employers, consumer groups, generic drug manufacturers,
insurers, and others committed to improving consumer access to high
quality generic drugs and restoring a vigorous, competitive
prescription drug market. CCPM supports legislation to eliminate legal
barriers to timely access to affordable, equally effective generic
drugs. |
