House, Senate Democrats introduce bills targeting 'abusive' pharma business practices
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Three bills were introduced in the House and Senate on Thursday by Democrats who say they are needed to stop pharmaceutical companies from engaging in business practices that inhibit competition and lead to high drug prices.
Rep. Carolyn Maloney (D-N.Y.) is the main sponsor of the bills in the House, while Sens. Debbie Stabenow (D-Mich.) and Tina Smith (D-Minn.) introduced the pieces of legislation in the Senate.
The Discounted Drugs for Clinical Trials Act would provide researchers access to drugs or biologics for R&D purposes at a maximum of the cost to manufacture. A news release stated that a House Oversight Committee report found that drugmakers often make their products expensive to increase the cost for clinical trials for competitors.
The Pharmaceutical Research and Transparency Act of 2022 would require drugmakers to report clinical trial costs in securities filings.
The Generic Substitution Non-Interference Act would prohibit drug companies from providing any items or other services that aides physicians in writing prescriptions that are "dispensed as written" or "brand-name only." The lawmakers say companies have used tactics to encourage doctors to continue to prescribe brand-name drugs even when cheaper generic versions are available.
Selected pharmaceutical companies: Pfizer (NYSE:PFE), Merck (NYSE:MRK), Bristol-Myers Squibb (NYSE:BMY), Eli Lilly (LLY), AbbVie (NYSE:ABBV), and Amgen (AMGN).
A report from the House Committee on Oversight and Reform released in December 2021 alleged pharmaceutical companies engaged in practices that increased drug prices and minimized competition.