AARP: Biologics Bill Will Lower Prices of Most Expensive Drugs

March 11, 2009 -- WASHINGTON—AARP today applauded the introduction of bipartisan legislation to lower the cost of prescription drugs. The Access to Life-Saving Medicine Act, introduced by Chairman Henry Waxman (D-CA), Rep. Frank Pallone (D-NJ), Rep. Nathan Deal (R-GA) and Rep. Jo Ann Emerson (R-MO), will create a needed pathway for the approval of safe generic versions of costly biologic drugs. A statement from AARP Executive Vice President Nancy LeaMond follows:

“Biologic drugs are treating some of the most devastating diseases Americans face, like cancer, anemia and multiple sclerosis. But for too many people, these life-saving medicines are simply out of reach because of their overwhelming price tags.

“As we learned when Rep. Waxman and Sen. Hatch championed generic drug legislation in the 1980s, generic competition has incredible power to bring down prices without hindering the development of new, life-saving medicines. Now we have the opportunity to introduce similar cost savings to these new—and often expensive—breakthrough drugs.

“AARP applauds the bipartisan sponsors of the Access to Life-Saving Medicine Act, which will help bring safe, less expensive generic versions of biologic drugs to market. These drugs, which can cost as much as $300,000 per year, do not face competition from lower-cost generic versions. The bill introduced by Reps. Waxman, Pallone, Deal and Emerson will make biologics more accessible to the millions of Americans who cannot afford brand name versions.

“The country will not reach the goal of quality, affordable health care for every American without controlling the skyrocketing cost of drugs. We look forward to working with Chairman Waxman and his colleagues to pass this legislation this year as a part of comprehensive health reform.”

For more information on generic biologic drugs, visit AARP.org.

Source: AARP