President Biden signs Marshall bill to lower prescription drug costs
WASHINGTON, D.C. (WIBW) - President Joe Biden has signed a bill by Senator Roger Marshall to lower prescription drug costs.
Senator Roger Marshall (R-Kan.) says on Friday, President Joe Biden signed into law his bipartisan legislation to lower prescription drug costs. He said the Ensuring Innovation Act will provide clarity for drug exclusivity to prevent awarding market exclusivity to products that do not represent true innovation and delay cheaper generic brands from entering the market.
“As a physician, I believe innovation and competition can have a profound impact on driving down the cost of health care,” said Senator Marshall. “The current regulatory landscape unnecessarily delays patient access to FDA-approved generics. I’m pleased my first bill as a U.S. Senator to be signed into law ensures affordable life-saving medicine while preserving innovation for cutting-edge medicine.”
According to Sen. Marshall, currently, the FDA grants 5 years of exclusivity to drug products found to be a New Chemical Entity. In order to be an NCE, he said a drug must contain an “active moiety” that has been unused in a product already approved by the FDA. HE said the legislation will codify the FDA’s current “active moiety” approach to granting NCE exclusivity.
“We need to stand up for Americans who are being hurt by the skyrocketing costs of prescription drugs,” said Senator Smith. “Far too often I hear from families who are being forced to make the impossible decision of choosing between life-saving prescription drugs and other necessities like groceries or rent. That’s why I teamed up with Sen. Cassidy to introduce the bipartisan Ensuring Innovation Act, which will stop big pharma from keeping drug costs high by unfairly extending monopolies. I’m glad that President Biden signed this legislation into law today and I’ll keep fighting to drive down prescription drug costs for consumers.”
Sen. Marshall said if a company invents a new innovative drug, they are rewarded with exclusive rights to sell that drug for a period of time. However, he said companies have found loopholes to claim new innovations on the same drug that are not really innovations in order to extend their exclusivity and prevent generic brands from entering the market. He said the Ensuring Innovation Act would close loopholes to prevent awarding market exclusivity to products that are not truly innovative that prevent generic brands from entering the market.
Marshall said the Ensuring Innovation Act was introduced in February, passed by the Senate on March 10 unanimously and passed by the House of Representatives on April 14 by voice vote.
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