Senator Baldwin Continues Push for Bipartisan Reform to Address Skyrocketing Prescription Drug Prices at Hearing
Baldwin shared the stories of Wisconsinites struggling with prescription drug costs at Senate Health Committee hearing
The Baldwin-McCain FAIR Drug Pricing Act would hold drug corporations accountable for drastic price hikes
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin highlighted her bipartisan reform to address skyrocketing prescription drug prices and shared the stories of Wisconsinites struggling with increasing prescription costs at a hearing today. Senator Baldwin discussed her FAIR Drug Pricing Act with witnesses at the Senate Health Committee hearing, “The Cost of Prescription Drugs.”
To highlight the importance and urgency of taking action to address prescription drug prices, Senator Baldwin shared the stories of two Wisconsinites struggling with increasing costs:
“We should be working on bipartisan solutions to improve costs instead of pulling the rug out from under Wisconsinites who are already struggling to pay for lifesaving medications,” said Senator Baldwin. “Wisconsinites like Diane from Webster, Wisconsin, who recently had to stop taking her Multiple Sclerosis medication – that costs more than $90,000 today – as the price increases over the last 23 years have been draining her savings.”
“Since 2002, three major drug companies have increased the price of insulin by more than 200 percent. I heard from Greg from Stoddard, Wisconsin, whose two sons are struggling to afford the costs of their diabetes and insulin treatment that costs more than $1,000 a month,” Senator Baldwin continued. “I want to know if the drug maker that increases their price every year considers Greg’s son or any of the other families who depend on their drug to function.
Last month, Senator Baldwin was joined by Senator John McCain (R-AZ) to introduce the FAIR Drug Pricing Act. The bipartisan legislation addresses skyrocketing prescription drug prices by requiring transparency for pharmaceutical corporations that plan to increase drug prices. The reform requires drug manufacturers to disclose and provide more information about planned drug price increases, including research and development costs. Increased transparency will help provide much-needed context for taxpayers, consumers and policymakers about the costs and value of medications, and may also incentivize companies to reassess the long-standing practice of relentless drug price increases.
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