Congressman Francis Rooney Co-Sponsors CREATES Act to Lower Cost and Increase Availability of Prescription Drugs
Washington, DC – Congressman Francis Rooney co-sponsored H.R. 2212, the CREATES Act, which would promote drug price competition by making it easier for medicines whose patents have expired to be sold as less expensive generic versions. It would remove barriers to competition by stopping delays between a drug’s going off-patent and the date when competitor products can enter the market.
Congressman Rooney stated, “I stand with patients in their fight for affordable prescription pricing. For far too long, some companies have been able to delay the release of generic equivalent drugs by manipulating patent laws. This manipulation creates an undue hardship on our seniors and others that are dependent on low cost alternatives to name brand drugs. America’s patent laws are very generous, and clear, in the time allowed for corporations to have the privilege of a monopolistic market. The CREATES Act will ensure that drug companies are playing by the rules and low cost generic medication is available faster.”
The CREATES Act is intended to provide an efficient, tailored path for generic drug manufacturers to obtain relief so they can continue working to bring their lower-cost product to market. The Congressional Budget Office estimates that the bill would result in a $3.3 billion net decrease in the federal deficit. The savings to consumers and private insurance companies would likely be far greater.
Nearly three-quarters of the public view prescription drug costs as unreasonable, and one in four patients say they have not filled a prescription because of cost. The CREATES Act is a commonsense, cost-saving measure to promote the creation of safe and affordable generic drugs.