Olson Supports Bipartisan Drug Bill, Rejects Partisan Attempt to Stifle Innovation
Washington, DC — Rep. Pete Olson (TX-22) today acted to lower drug prices while also encouraging innovation that will lead to better outcomes for sick patients who rely on medications. Olson is an original co-sponsor of H.R.19, the Lower Costs, More Cures Act. Unlike H.R.3, the Democrats’ proposed drug-pricing legislation which would lead to fewer cures for patients, the Lower Costs, More Cures Act creates affordability, predictability and transparency in drug pricing that encourages innovation rather than stifling it.
“Americans can’t afford to have drug prices continue to skyrocket — this bill is the cure,” Olson said. “On the House Energy and Commerce Committee, we’ve been working on strong, bipartisan solutions that lower costs for patients and support new innovative medications to help manage or cure diseases. The Lower Costs, More Cures Act was developed with bipartisan support, unlike the price control solution proposed by Pelosi and House Democrats which has been estimated to keep as many as 100 new medically needed drugs from being developed. Controlling drug costs and curing disease should not be a zero-sum game. I’m disappointed my Democrat colleagues chose a partisan price-control bill that limits development of new drugs over the well-being of Americans who need lower costs now.
H.R. 19 the Lower Costs, More Cures Act will:
- Encourage innovation of groundbreaking new cures, promotes more low-cost options for patients, and curbs how drug companies can game of the system.
- Prevent drug manufacturers from withholding samples of their drugs in order to delay patients’ access to generic competition.
- Stop “pay for delay” agreements in which the brand-name drug manufacturer pays the generic manufacturer to keep a generic equivalent off the market.
- End patent games by blocking drug manufacturers from receiving additional patent exclusivity periods for drugs newly deemed biologics; and limiting the potential for “evergreening” by restricting drug manufacturers from obtaining new exclusivities on previously approved clinical entities.
- Give FDA authority to approve multiple generic applications of the same drug, creating more generic competition, and speeding cures to market.
- Allow FDA to create a more streamlined approach to regulate over-the-counter products, increasing the availability of these products, which will lower costs for consumers.
- Place a cap on seniors’ out-of-pocket drug costs by creating a new $3,100 per year out-of-pocket maximum on prescription drugs costs for Medicare beneficiaries (seniors).
- Make insulin more affordable by requiring insurance companies to cap the cost of insulin for seniors in Medicare Part D at $50 a month after they’ve paid their deductible.