Rounds Cosponsors Bipartisan Bill to Address Rising Prescription Drug Prices
WASHINGTON– U.S. Sen. Mike Rounds (R-S.D.) today announced he is a cosponsor of the Creating and Restoring Equal Access to Equivalent Samples (CREATES) Act, reintroduced this Congress by Sens. Patrick Leahy (D-Vt.), Chuck Grassley (R-Iowa), Amy Klobuchar (D-Minn.) and Mike Lee (R-Utah). The CREATES Act would address anticompetitive practices used by some brand-name pharmaceutical and biologic companies to block entry of lower-cost generic drugs. Rounds cosponsored this legislation in the 115th Congress as well.
“Prescription drug costs are too high and demand for prescription drugs continues to grow as the baby-boomer generation ages,” said Rounds. “The CREATES Act seeks to enhance competition in the prescription drug market by fast-tracking the approval process for generic drugs. I look forward to working with the administration and my colleagues in Congress to advance this bipartisan, common sense legislation.”
The CREATES Act would deter pharmaceutical companies from blocking cheaper generic alternatives from entering the marketplace. The Congressional Budget Office has estimated that the bill would result in a $3.9 billion net decrease in the federal deficit. Savings to consumers and private insurers likely would be far greater – many billions of dollars more.
Companion legislation has been introduced in the House of Representatives this Congress.
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