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Washington, D.C. – FreedomWorks is encouraged by the efforts of House Energy and Commerce Chairman Henry Waxman (D, CA-30) and Health Subcommittee ranking member Nathan Deal, (R, GA-9) to promote competition and reduce the costs of health care by creating a streamlined process for the approval of generic biologic drugs, the next generation of life saving drugs for millions of Americans. Waxman and Deal this week introduced a bill that would allow the Food and Drug Administration to approve generic biologic drugs in a timely manner to ensure that Americans have access to the latest life-saving therapies at competitive prices.
Specifically, the Waxman-Deal bill would provide original biologic manufacturers five years of data exclusivity, after which generic competitors may enter the market. As opposed to exclusivity periods of up to 12 years and even more contained in other bills, this streamlined process will inject much-needed competition that will in turn provide downward pressure on prices. This is important to a free market organization such as FreedomWorks, who has supported and executed campaigns in the past that promoted similar legislation.
In 2007 and 2008, FreedomWorks produced analysis of the issue, conducted policymaker education events, and engaged grassroots and media outreach activities to build support for the idea that creating a streamlined regulatory pathway for generic biologics is consistent with free market principles. This year as the debate heats up, FreedomWorks will conduct similar efforts to ensure that legislation like the Waxman-Deal bill is framed in the proper free market light.
FreedomWorks President Matt Kibbe commented, “As healthcare costs in America spiral out of control, now more than ever it is crucial for market-based reform solutions to be enacted. Creating a safe and effective, streamlined regulatory pathway for approving generic biologic drugs would greatly help by empowering consumers with more choices through increased competition.”