Feingold Supports Measures to Lower Prescription Drug Costs August 3, 2000 Shell Lake, WI -- U.S. Senator Russ Feingold today highlighted his support for efforts to give consumers a fair price for prescription drugs. Feingold recently joined Senators Jim Jeffords and Byron Dorgan to offer an amendment, which passed the Senate with strong bipartisan support, to allow pharmacies and wholesalers to import prescription drugs from outside the United States, including Canada. Feingold is also a cosponsor of the Prescription Price Equity Act of 2000, which would deny tax breaks to pharmaceutical companies that sell their products at a significantly higher price in the U.S. than to certain other industrialized countries. Feingold’s amendment allowing the importation of prescription drugs only applies to drugs approved by the FDA and made at FDA-approved facilities using "good manufacturing practices." Such drugs must be tested to prove that they are safe, effective, and authentic. "This amendment will give consumers in Wisconsin the ability to purchase prescription drugs at a lower cost and will therefore increase access to affordable prescription drugs for all Americans," Feingold said. "The sweetheart deal that the industry currently enjoys has created a virtual closed market with no competition." Feingold also supports the Prescription Price Equity Act of 2000, which takes tax breaks away from pharmaceutical companies that sell their products at a significantly higher price in the U.S. than to certain other industrialized countries. Pharmaceutical companies in the U.S. receive approximately $4 billion each year in tax benefits to encourage research and development for life-saving drugs. Yet, at the same time, the companies that receive this huge tax break sell drugs in the U.S. at much higher prices than they do in other countries such as Japan, Germany and Switzerland. "While it’s vitally important that the government support research and development for drugs that can save lives, it’s unfair that an industry which receives such a huge benefit from taxpayers should sell its products at much higher prices in the U.S. than it does abroad," Feingold said. Feingold's 50th Listening Session of 2000, and 554th since he was first elected, was held at the Shell Lake City Council Chambers, beginning at 7:30 a.m. Feingold’s 51st session of the year and 555th since he was first elected took place at the Wascott Town Hall beginning at 9:45 a.m.

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