Scholarship@WashULaw

Document Type

Essay

Language

English (en)

Publication Date

2024

Publication Title

Hearing Before the United States Senate Committee on the Judiciary

Abstract

In this testimony, I will explain how existing law both keeps branded drug prices high but has also enabled the development of lower-cost generic and biosimilar competition for branded prescription drugs and biological products. This competition can be used to promote access to affordable prescription drugs, benefiting not only patients but also our public payers. However, I will also explain the ways in which existing legislative and regulatory efforts have not always succeeded in promoting competition and will offer a path forward for this Committee to examine reforms that not only encourage the approval of lower-cost products but also ensure access to such products through insurance coverage, physician prescription, and pharmacy substitution. I will also situate the recently passed Inflation Reduction Act in this discussion, as it is part of this tradition of envisioning market competition from generics and biosimilars as the primary tool to drive down prescription drug prices over time.

Keywords

Pharmaceuticals, Drugs, Drug Pricing, Health Law, Market Competition

Publication Citation

Reducing Prescription Drug Prices: How Competition Can Make Medications Affordable for Patients, Hearing Before the Senate Committee on the Judiciary, 118th Cong. (2024) (testimony of Rachel E. Sachs, JD, MPH, Professor of Law, Washington University in St. Louis)

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