Klobuchar, Lee, Durbin, Grassley Introduce Bipartisan Legislation to Increase Competition and Lower Prescription Drug Prices for Consumers

WASHINGTON - U.S. Senators Amy Klobuchar (D-MN) and Mike Lee (R-UT) reintroduced legislation to increase competition in the pharmaceutical industry and lower prices for consumers. They were joined by the Ranking Member and Chair of the Senate Judiciary Committee, Senators Dick Durbin (D-IL) and Chuck Grassley (R-IA).

The bipartisan Short on Competition Act would allow the Secretary of Health and Human Services (HHS) to grant expedited reviews and inspections, and temporary importation when there is, or is likely to be, a prescription drug shortage or when there are fewer than five competitors in a market for prescription drugs that have been approved for at least 10 years.

"If drug companies know new competitors can quickly enter the market, maybe they'll think twice before raising prices in the first place. More competition in the marketplace will lead to more affordable prescription drugs for American consumers," said Klobuchar. "This bipartisan legislation will help lower drug prices by prioritizing approvals and safely allowing temporary drug importation of products to address markets that lack competition."

"Big Pharma monopolies are keeping lifesaving drugs out of reach for too many Americans," said Lee. "Cutting red tape for manufacturers will allow new competitors into the health care market - bringing drug prices down and quality up. The Short on Competition Act will give Americans more options for the medicine they need, protecting them from drug shortages and lowering their costs."

"American families should be able to afford life-saving medication. However, many medications, despite having been on the market for decades, are unaffordable. It is time that Big Pharma is held accountable for its abusive price gouging tactics," said Durbin. "I am joining my colleagues in reintroducing the bipartisan Short on Competition Act to combat Big Pharma's price gouging and lower prescription drug costs for Americans. Drug costs are a problem; this bill is a solution."

"Iowans are fed up with the high price of prescription drugs, and a driver of those costs is lack of competition. Time and again, we see that limited options in the marketplace lead to higher prices for patients. Our bill will bring more options to the market, giving consumers relief through alternatives to a single high-priced drug," said Grassley.

Klobuchar has long championed efforts to make prescription drugs more affordable.

Provisions from Klobuchar's bill to empower Medicare to negotiate prescription drug prices and unleash the power of Medicare's 53 million seniors to help lower drug prices for all Americans was signed into law in August 2022 as part of a larger health care savings package. In March, Klobuchar and Senator Catherine Cortez Masto (D-NV) introduced the Lower Drug Costs for Families Act, legislation to lower prices by extending the drug inflation rebates enacted as part of the 2022 drug pricing law, and further protecting consumers from price-gouging by pharmaceutical companies.

In April, two of Klobuchar and Senator Chuck Grassley's (R-IA) bipartisan bills to promote competition and reduce drug prices - the Preserving Access to Affordable Generics and Biosimilars Act and the Stop STALLING Act - passed the Senate Judiciary Committee. Together these bills would save taxpayers $1.9 billion over 10 years.

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