Political Quotes

“Mr. President, I rise today with my colleagues, Senators Shaheen, Leahy, Inouye, Stabenow, and Schumer, to reintroduce an important piece of legislation, the Fair Prescription Drug Competition Act. Our legislation eliminates one of the most prominent loopholes that brand name drug companies use to limit consumer access to lower-cost generic drugs; it ends the marketing of so-called ``authorized generic'' drugs during the 180-day exclusivity period that Congress designed to provide specific incentives to true generics to enter the market. An authorized generic drug is a brand name prescription drug produced by the same brand manufacturer on the same manufacturing lines, yet repackaged as a generic. Some argue that authorized generic drugs are cheaper than brand name drugs and, therefore, benefit consumers. However, authorized generics only serve to reduce generic competition, extend brand monopolies, and lead to higher health care costs for consumers over the long-term. After up to 20 years of holding a patent for a brand name drug--the brand-name manufacturer--which has already been handsomely rewarded for its investment--doesn't want to let go of its profits. So, it repackages the drug and refers to it as a generic in order to extend its market share, while cutting in half the financial incentive for an independent generic to enter the marketplace.…”