Show-Me State Times

U.S. Senators Josh Hawley and Peter Welch have introduced a new piece of legislation aimed at reducing prescription drug prices for Americans. The Fair Prescription Drug Prices for Americans Act seeks to provide relief to millions of patients by addressing the high costs of medications in the United States compared to other developed countries.

The proposed legislation intends to rectify longstanding policies that have favored pharmaceutical companies while burdening American patients with higher costs. In contrast, other nations benefit from more reasonable pricing for the same drugs. During his first term, President Trump attempted to address this issue through initiatives like the "international price index" and "most favored nation" policies related to Medicare-covered drugs.

Senator Hawley emphasized, "For too long, Americans have subsidized prescription drug costs for foreigners while paying outrageous prices for their own medications." He noted that President Trump's earlier reforms aimed at ensuring parity in drug pricing between American patients and international consumers would be furthered by this bipartisan effort.

Senator Welch added, "No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table." He criticized Big Pharma's pricing strategies that result in Americans paying significantly more than those in other countries. Welch expressed optimism about collaborating with Senator Hawley on this bill, which he believes offers a framework for Congress and the administration to work together towards fairer drug pricing.

The Fair Prescription Drug Prices for Americans Act includes provisions such as prohibiting pharmaceutical companies from charging higher prices in the U.S. than the international average. It also proposes imposing substantial civil monetary penalties on companies that violate this rule, calculated as ten times the difference between U.S. list prices and average prices in Canada, France, Germany, Japan, Italy, and the United Kingdom.

Penalties would apply per unit sold at inflated prices.