It was announced this week that the Creating and Restoring Equal Access to Equivalent Samples (CREATES) Act would be marked-up in the Senate this month. The Coalition to Reduce Spending, along with 44 other organizations, companies, and advocacy groups, signed a coalition letter thanking the Senate Judiciary Committee for taking up this bill and urging their support.
The letter summarizes the legislation:
The CREATES Act is a bipartisan, market-based reform that will speed the introduction of generic and biosimilar competition for brand-name drugs. It is a highly-targeted remedy that will end the anticompetitive abuses utilized by some brand-name manufacturers, help restore the balance between innovation and affordability that Congress intended, and achieve the goal of more affordable prescription drugs. The Congressional Budget Office has estimated that enacting the CREATES Act would save $3.8 billion over ten years.
We’ve written extensively on the issue (op-eds can be found here and here) and are extremely excited about the legislation being advanced. Over a quarter of all Senators are cosponsors, signaling that there is a great chance it will be enacted. We urge members from both the House and Senate to support this legislation, which will help lower the cost of expensive drugs for both taxpayers and consumers across the country.