Rep. Steve Stivers (R-Ohio) and Rep. Peter Welch (D-Vt.) introduced the bipartisan Fair Access for Safe and Timely (FAST) Generics Act on Thursday to increase consumer access to generic drugs, boost market competition and ultimately save consumers money.
Companies are abusing Food and Drug Administration (FDA) safety programs by withholding access to drug samples for generic manufacturers, which is leading to anti-competitive practices and increased pharmaceutical costs.
“We cannot afford to promote practices that hinder consumers’ abilities to obtain generic alternatives to expensive brand medicines,” Stivers said. “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.”
A study by Matrix Global Advisors found that companies misusing the FDA safety programs are costing U.S. consumers $5.4 billion annually, which includes $1.8 billion in lost savings for the federal government.
“Too many Americans, particularly seniors, cannot afford their prescription drugs,” Welch said. “This legislation will ensure that manufacturers of generic medicines can bring more affordable medicines to the market as quickly as possible.”