Reducing the Cost of Prescription Drugs
On January 10, 2007, Senator Byron Dorgan introduced bipartisan legislation with Olympia Snowe (R–ME) and many others to drive down the high cost of prescription medicines. Representatives Rahm Emanuel (D–IL) and Jo Ann Emerson (R–MO) introduced companion legislation in the House of Representatives.
American consumers pay the highest prices in the world for prescription drugs. It is no wonder that Americans turn to Canada to buy more affordable prescription drugs. The Congressional Budget Office (CBO) confirmed what many Americans already know—the same brand name drugs cost 35–55 percent less in other countries than they do in the United States.
The Pharmaceutical Market Access and Drug Safety Act will allow American consumers, pharmacies and drug wholesalers to import FDA-approved prescription drugs at substantially lower prices available on the world market. The CBO estimates that this legislation will result in $50 billion in direct savings over the next decade, with $6.1 billion of that in savings to the federal government.
The legislation does more than just make drug importation legal—it makes it safe. The bill includes a range of safety features intended to guarantee that only safe, FDA-approved prescription drugs are imported.
The legislation has strong bipartisan support and has been endorsed by a number of consumer organizations including the AARP.
