CCPM, AARP, and SEIU Applaud Senators for Introducing Legislation to Reduce Drug Costs for Patients, Expand Market Competition and Choice, and Provide Incentives for Biogeneric Innovation
WASHINGTON, March 26 /PRNewswire-USNewswire/ -- AARP, Coalition for a Competitive Pharmaceutical Market (CCPM), and Service Employees International Union (SEIU) are endorsing the Senate's bipartisan "Promoting Innovation and Access to Life Saving Medicine Act" introduced by Senators Schumer, Brown, Collins, Vitter, Stabenow, Shaheen and Martinez.
This landmark legislation builds on the success of the current Hatch-Waxman law by constraining cost growth, expanding competition and choice and providing needed incentives for innovation. We are pleased that this bill was also introduced by Chairman Waxman and Representatives Deal, Pallone, and Emerson.
"As the nation works to achieve needed reforms in our health care system, it is imperative that patients are able to reap the affordability and access benefit that biogeneric medications provide. The bill introduced today builds on the success of the Hatch-Waxman law and provides the appropriate balance between innovation and access," said CCPM Chair Annette Guarisco, Executive Director, Federal Affairs & Government Compliance, General Motors Corporation.
It is critical for the Senate to pass this legislation in a timely manner to ensure competition in the marketplace and increased access to more affordable biologics. In 2008 healthcare spending increased to $2.4 trillion in the United States; by 2011, biologics spending is likely to exceed $100 million.
"This bill will create a much needed pathway for the approval of affordable and safe biosimilar and interchangeable versions of biologic drugs, and improve the quality of life for millions of Americans. Our over 40 million members over the age of 50 are particularly grateful that this legisl
|SOURCE Coalition for a Competitive Pharmaceutical Market|
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