Legislation will make it easier to produce generic drugs, lowering prices for Hudson Valley families
On Tuesday 11/21/2023, Congressman Pat Ryan introduced legislation to lower the price of prescription drugs for Hudson Valley families. The “Stopping Pharma’s Ripoffs and Drug Savings For All Act” would stop Big Pharma’s abuse of current U.S. patent law and make less-costly, generic alternatives easier to produce.
“For too long, Big Pharma has been allowed to game the system, rake in record profits, and rip off hard working Hudson Valley families. I’m pushing relentlessly to finally hold Big Pharma accountable and lower the cost of prescription drugs,” said Congressman Pat Ryan. “Hudson Valley families are feeling the pressure of making ends meet – this is a straightforward fix that will provide direct relief. I’ll keep fighting to make healthcare more affordable for everyone in the Hudson Valley.”
“The cost of prescription drugs is oftentimes so exorbitantly high, many older adults on a fixed budget struggle to afford them. This could be a life or death situation,” said Orange County Office for the Aging Director AnnMarie Maglione. “Pharmaceutical companies are long been in need of regulation, review and reform. We are fortunate to have such a strong, passionate advocate working for us in Washington as Congressman Pat Ryan to address this.”
The average American spends $1,200 per year on prescription drug costs. While generic drugs constitute 80% of prescriptions filled for Americans, name brand drugs account for 80% of prescription drug spending by Americans. Presently, pharmaceutical companies maintain patent exclusivity on a new drug for 20 years, preventing the manufacture of generic alternatives and maintaining a monopoly on the market for that drug.
Presently, pharmaceutical companies are allowed to extend the 20 year period of patent exclusivity by making trivial changes like minor tweaks to formulations, dosing, or adding extended release that do not impact the drug’s benefits. This practice of “double patenting” allows the company to maintain artificially high prices on a drug long term.
The Stopping Pharma’s Ripoffs and Drug Savings For All Act would amend current patent law by forcing name brand drug companies to bear the burden of proof to demonstrate how each subsequent patent truly differs from the original patent’s drug and is entitled to its own period of exclusivity.
Congressman Ryan has built a record of taking on big corporations that exploit Hudson Valley families for profit. Congressman Ryan spearheaded efforts to hold Central Hudson accountable for its egregious billing practices, demanding the resignation of its CEO and holding a workshop series to connect Central Hudson customers directly with assistance from company representatives. Ryan has since called for the utility company to suspend its planned rate hikes while its billing issues remain. Ryan has demanded big corporations that have polluted the Hudson River bear the cost and responsibility for conducting full clean ups of their pollution, including calling on General Electric to clean its PCB toxins from the River and telecommunications companies to remove networks of legacy cables found to leach toxic lead into the surrounding environment. Most recently, Ryan has led a charge to prevent big oil companies from being allowed to anchor polluting barges in the Hudson River.
Ryan has also made big deliveries to make affordable healthcare more accessible across NY-18, including securing over $2 million for Sun River Health in Beacon and major federal funding for Cornerstone Family Healthcare. Ryan also cosponsors the Drug Shortage Prevention Act.
