CAPE GIRARDEAU, MO (KFVS) - Dick Durbin (D-IL) and Bill Cassidy (R-LA) introduced a bipartisan bill to tackle the drug industry’s high drug prices.
The REMEDY Act would crack down on pharmaceutical monopolies and lower costs for patients, according to Durbin.
“Americans are facing skyrocketing prescription drug costs in part because brand-name pharma manufacturers have gamed the patent system to extend their monopolies and avoid competition from lower-cost generic drugs. That doesn’t promote innovative research and it’s not serving the best interests of patients,” Durbin said. “The REMEDY Act will increase competition and help reduce drug costs by curbing patent manipulation by brand name drug makers. This common sense bipartisan legislation is overdue, and I hope my colleagues will join Senator Cassidy and me in supporting it.”
According to Durbin, the top 12 selling drugs in the U.S. each have an average of 71 patents, and their prices have increased by an average of 70 percent over the last five years.