February 16, 2023
Senate Judiciary Committee advances five bipartisan bills addressing prescription drug costs
On February 9, the Senate Judiciary Committee advanced five bipartisan bills that aim to lower prescription drug costs. The bills aim to lower prescription drug costs by cracking down on drugmaker tactics to extend patents, improving patent coordination between the U.S. Patent and Trademark Office and the Food and Drug Administration (FDA), and requiring the Federal Trade Commission (FTC) to examine potentially abusive practices by pharmacy benefit managers. The Committee previously advanced each of the five bills at different times over the last two years. During the hearing, lawmakers from both sides of the aisle raised concerns that the bills would give the FTC too much authority and could hinder innovation.
Prior to considering the five bills, the Committee by voice vote adopted the Committee Authorizing Resolution and Committee Rules for the 118th Congress. Committee members also voted on several pending judicial nominations and discussed the use of blue slips during consideration.
More information available here.
Additional information is also available in the attached Tax Alert.
Bipartisan bills addressing prescription drug costs