Committee Reviews McKinley Legislation to Lower Drug Prices
E&C Health Subcommittee Hosts Hearing on Creates Act and Fast Generics Act
WASHINGTON, D.C. — The Energy and Commerce Health Subcommittee hosted a hearing to discuss proposals to reduce the price of prescription drug including the CREATES Act (H.R. 965) and the FAST Generics Act (H.R. 985), both of which are sponsored by Rep. McKinley.
Both pieces of legislation would prevent drug makers from blocking the entrance of competitors into the market and increase patients’ access to generic drugs, introduce competition, and lower drug prices.
“The prices for prescription drugs keep rising and people are hurting. Prescription drugs are the biggest driver of healthcare costs in America. I hear all of the time from West Virginians that they are having a hard time affording their medications,” said McKinley. “The FAST Generics Act and CREATES Act are bipartisan bills that will save consumers billions of dollars by ensuring competition can reach the market in a timely manner by preventing unfair delays for more affordable options.”
Currently, some drug companies abuse Food and Drug Administration (FDA) drug safety programs by withholding access to drug samples for generic manufacturers, resulting in anticompetitive practices and increased pharmaceutical costs. CREATES and FAST Generics aim to curb those abuses and ensure generics have fair access.