Susan Collins: “I commend not only Chairman Gregg, but also Senators Schumer, McCain, and Kennedy, for all of their hard work on this…”

“I commend not only Chairman Gregg, but also Senators Schumer, McCain, and Kennedy, for all of their hard work on this comprehensive proposal. The amendment we are offering today will make prescription drugs more affordable by promoting competition in the pharmaceutical industry to increase access to lower priced generic drugs while at the same time protecting innovation and preserving the incentives for companies to make the investments necessary to develop newer, better, and safer pharmaceuticals. This amendment, which is based on legislation I joined Senators Schumer and McCain in introducing earlier this year, will make prescription drugs more affordable for all Americans. The Congressional Budget Office estimates that our original proposal would have cut our Nation's drug costs by some $60 billion over the next 10 years, and I understand this compromise proposal is also expected to result in similar savings.”