Bill to increase competition for generic drugs introduced in USA

US Representatives Steve Stivers (Republican, Ohio) Peter Welch (Democrat, Vermont) on Thursday joined forces to introduce the Fair Access for Safe and Timely (FAST) Generics Act to increase consumer access to generic drugs, boost market competition and ultimately save consumers money.

“We cannot afford to promote practices that hinder consumers’ abilities to obtain generic alternatives to expensive brand medicines,” said Rep Stivers, adding: “Our bill closes federal loopholes to ensure consumers have increased access to less costly generic drugs by increasing market competition and eliminating bureaucratic red tape. This problem must be addressed to save the government and consumers billions of dollars while increasing pharmaceutical options for patients.”

Companies “abusing FDA safety programs”

Currently, there are companies that abuse Food and Drug Administration drug safety programs by withholding access to drug samples for generic manufacturers, resulting in anticompetitive practices and increased pharmaceutical costs.

“Too many Americans, particularly seniors, cannot afford their prescription drugs. This legislation will ensure that manufacturers of generic medicines can bring more affordable medicines to the market as quickly as possible,” said Rep Welch.

According to a study conducted by Matrix Global Advisors, companies using FDA safety programs as a smokescreen for these practices are costing American consumers $5.4 billion annually, including a lost savings of $1.8 billion for the federal government, the Reps noted in a press release announcing the proposed legislation.