Prices for four of the nation’s top 10 drugs have increased more than 100 percent since 2011; Prescription drugs now comprise an estimated 17 percent of total health costs in the U.S.
Klobuchar called on the Federal Trade Commission (FTC) to protect consumers from anticompetitive behavior and product-hopping in the pharmaceutical industry; Klobuchar has previously urged the FTC to investigate Mylan Pharmaceuticals for the dramatic price increase of EpiPen packs
WASHINGTON, DC– U.S. Senator Amy Klobuchar urged the Federal Trade Commission (FTC) to address prescription drug cost increases at a Senate Commerce Committee hearing today. Prices for four of the nation’s top 10 drugs have increased more than 100 percent since 2011. Prescription drugs now comprise an estimated 17 percent of total health costs in the U.S. Klobuchar called on the FTC to protect consumers from anticompetitive behavior and product-hopping in the pharmaceutical industry. Klobuchar has previously urged the FTC to investigate Mylan Pharmaceuticals for the dramatic price increase of EpiPen packs.
“Prescription drug costs impose a heavy burden on consumers. The Commission has long recognized the importance of antitrust enforcement in the pharmaceutical industry. The Commission has fought a long, and sometimes lonely fight, against pay-for-delay patent settlements,” Klobuchar said. “However, in FY 2014, the Federal Trade Commission reported that there were 21 potential pay-for-delay agreements. I have a bipartisan bill with Senator Grassley, the Preserve Access to Affordable Generics Act, that would require companies to justify their deals and allow the Federal Trade Commission to seek fines to deter future violations.”
Klobuchar has championed efforts to address the high cost of prescription drugs, authoring multiple pieces of legislation that would protect American consumers. She has introduced the Medicare Prescription Drug Price Negotiation Act of 2015, that would empower Medicare to negotiate for the best possible price of prescription medication. Current law only allows for bargaining by pharmaceutical companies and bans Medicare from doing so. She has also introduced the Safe and Affordable Drugs from Canada Act with Senator John McCain (R-AZ) that would require the Food and Drug Administration to establish a personal importation program that would allow individuals to import a 90-day supply of prescription drugs from an approved Canadian pharmacy. The Preserve Access to Affordable Generics Act would expand consumers’ access to the cost-saving generic drugs they need and increase competition between drug manufacturers and choices for consumers by helping to put an end to “pay for delay” deals—the practice of brand-name drug manufacturers using anti-competitive pay-off agreements to keep more affordable generic equivalents off the market. She also joined with Senators Chuck Grassley (R-IA), Patrick Leahy (D-VT), and Mike Lee (R-UT) to introduce the Creating and Restoring Equal Access to Equivalent Samples (CREATES) Act to deter pharmaceutical companies from blocking cheaper generic alternatives from entering the marketplace.
For a broadcast-quality video excerpt of Klobuchar’s remarks, click here.
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