Lawmakers, health care experts, and drug pricing advocates agree that big drug companies block competition, are responsible for setting and increasing prices, and must be held accountable to end common and egregious patent abuse practices. These harmful anti-competitive practices keep drug prices high and prevent more affordable options, like generics and biosimilars, from entering the prescription drug market.
Lawmakers have already taken positive first steps toward promoting competition in the prescription drug marketplace, U.S. Senators John Cornyn (R-TX) and Richard Blumenthal (D-CT) recently reintroduced the “Affordable Prescriptions for Patients Act.” The legislation was unanimously approved by the U.S. Senate Committee on the Judiciary on February 9.
U.S. Senator John Cornyn (R-TX):
“Texans shouldn’t have to pay more at the pharmacy counter because of bad actors who game the patent system and prevent cheaper generics from coming to market. This bipartisan legislation [Affordable Prescriptions for Patients Act] would help target these anti-competitive practices and ensure access to lower-cost alternatives.”
U.S. Senator Richard Blumenthal (D-CT):
“The pharmaceutical industry’s shameless abuse of the patent system has driven costs sky-high for consumers by keeping generics off the market and stifling innovation. Our common sense reforms will protect competition and reduce prices at the pharmacy. I’m proud to join Senator Cornyn in this bipartisan effort to ensure patients can afford critical medicine. We’re stopping the music for pharma’s patent dance.”
Here are what health care experts and drug pricing advocates have had to say about the importance of stopping patent abuse in the new Congress:
Lauren Aronson, Executive Director, Campaign for Sustainable Rx Pricing (CSRxP):
“American voters overwhelmingly reject Big Pharma’s blame game and support market-based solutions from the new Congress and the administration to crack down on brand name drug companies’ egregious pricing and anti-competitive practices. Broad majorities of voters rightfully hold Big Pharma responsible for high drug prices as the pharmaceutical industry doubles down on a business-as-usual playbook including biennial price hikes, out-of-control launch prices and patent abuse to block more affordable alternatives from market.”
“Today, many drugmakers are less focused on researching and developing new drugs than protecting their monopolies on old ones — to such an extent, in fact, that pharmaceutical companies file for an average of more than 140 patents on top-selling drugs…Nearly 6 in 10 Republicans and 7 in 10 Democrats want more regulation of drug prices. And 8 in 10 people in both parties believe drug prices are driven largely by pharmaceutical company profits. Lawmakers, too, agree across the aisle that patent abuse is aggravating the crisis. A bipartisan group of senators even wrote to the U.S. Patent and Trademark Office (USPTO) last summer, asking it to stop the charade of granting multiple patents for a single drug — a practice our organization has connected directly to soaring drug prices for Americans. Now, Congress must lead the way in making the patent system more accountable to the public.”
Maura Keefe, Spokeswoman, Coalition for Affordable Prescription Drugs (CAPD):
“Patent thickets are “just one of many regulatory loopholes that drug companies misuse to maintain their monopoly pricing power over lifesaving medications far longer than intended by patent law. CAPD urges policymakers to intervene and capture the billions in savings currently being lost each year.”
Alex Brill, Founder and CEO, Matrix Global Advisors (MGA):
“Policymakers have the opportunity to help lower drug prices for their constituents by advancing legislative reforms that restore competition to the marketplace and bring lower-cost alternatives like generics and biosimilars to market.”
Read more on how greater biosimilar competition can help lower prescription drug costs for patients HERE.
Read PCMA’s statement in support of the “Affordable Prescriptions for Patients Act” HERE.
Learn more about PCMA’s public policy solutions that promote competition in the prescription drug market HERE.
