U.S. Senators Mitt Romney (R-UT) and Jacky Rosen (D-NV) announced that they have introduced the Advancing Affordable Medicines for Families Act, bipartisan legislation which would direct the Government Accountability Office (GAO) to conduct a report on the impact that nonprofit generic drug companies would have on lowering drug costs, addressing drug shortages, and accelerating the development of new drugs. The report would also look at existing barriers to the success of nonprofit pharmaceutical organizations, and what Congress can do to support them.
“Utahns and Americans across the country are strapped with skyrocketing prescription drug costs, and it is increasingly difficult for them to receive the medicine they need,” said Senator Romney. “We must explore ways to lower costs for medication and spur the research and development in new drugs. I’m proud to team up my efforts with Senator Rosen on this issue by requiring a report to look at how Congress can work with nonprofit generic drug companies like Utah’s Civica Rx on a bipartisan basis to lower drug costs, address shortages, and accelerate the development of new drugs.”
“The rising cost of prescription drugs is having a real and negative impact on the health and well-being of Nevadans, and I’m ready to do everything we can do to make crucial medications more affordable,” said Senator Rosen. “This bipartisan legislation would explore the role that nonprofit pharmaceutical organizations play in this industry, and I’m glad to be working with Senator Romney on this important effort to bring down costs.”
“We appreciate the attention of Congress to the non-profit pharmaceutical model, which has numerous potential applications, including addressing drug shortages, lowering prices for consumers, and bringing drugs to market for under-served populations,” said Ned McCoy, Chief Executive Officer of Civica Rx. “The common thread is focusing on the unmet need and not on maximizing financial returns.”
“We are grateful to Senators Jacky Rosen and Mitt Romney for their leadership in sponsoring this critical legislation designed to explore the catalytic potential of nonprofit pharmaceutical companies,” said Autumn Ehnow, Executive Vice President of Policy and Strategic Market Access at Medicines360. “Non-profit pharmaceutical organizations like ours serve as a bridge to better health by serving the public, building health equity, and filling gaps in access. Without the need to maximize profits for shareholders, nonprofits can focus on how best to stabilize supply, lower costs and improve access for people across the country. Expanding access to critical medicines and devices is at the heart of our work, and we are confident this report will show the incredible value of that mission.”