by Kristine Grow
April 7, 2017
WASHINGTON, D.C. – America’s Health Insurance Plans (AHIP) issued the following statement, following the introduction of H.R. 2051, the Fair Access for Safe and Timely (FAST) Generics Act.
The FAST Generics Act is a bipartisan bill that would help increase market competition in order to drive down the skyrocketing costs of prescription medications. The Congressional Budget Office has estimated such action would save the government more than $2 billion over 10 years, in addition to savings for consumers and American businesses. The bill was introduced by U.S. Representatives David McKinley (R-WV), Peter Welch (D-VT), Steve Stivers (R-OH), and Kurt Schrader (D-OR).
“Consumers deserve timely access to generic medications, so that they can get the treatments they need at costs that are affordable. The FAST Generics Act closes a loophole in federal law that has too often been exploited by certain brand manufacturers to keep generic and biosimilar competitors out of the market. By prohibiting this unfair, anticompetitive behavior, the FAST Generics Act takes an important step toward lowering the costs of care and reducing premiums, without sacrificing consumers’ access to essential medications. We applaud these representatives for coming together on such an important action.”
Click here to read the letter sent to the bill’s cosponsors from AHIP and other health care organizations and consumer groups.