Thread by @SenTomCotton

Too many Arkansans are struggling to pay their prescription drug costs. Since 2014, the cost of prescription drugs has risen by 33%—faster than any other medical service.

goodrx.com/blog/prescript…

One survey found that 20% of seniors have a hard time paying for prescription drugs, and for seniors with chronic conditions, the rate is even higher.

agingresearch.org/press-release/…

It’s expensive for a pharmaceutical company to bring a new drug to market, and our system needs to encourage research and development. This pandemic is a reminder of the need for innovation.

But one reason that drug prices have increased: companies are gaming the patent system to keep generic drugs off market.

The FDA regularly receives complaints form generic drug makers that branded companies block them from getting samples of the drugs to perform studies.

Some drug companies go further—one firm sold the patent rights of an eye-medication to an Indian tribe so the tribe could claim “sovereign immunity” & avoid patent reviews to keep generics off market.

Of course, the drug company licensed the patent back to keep the profits.

Thankfully, courts struck down this sham transfer. But we shouldn’t rely on the courts to stop these scams that drive up the cost of drugs for seniors. More generics mean more competition, which leads to lower prices.

reuters.com/article/us-usa…

Congress needs to pass my PACED Act to make sure that no other company can do this again.

cotton.senate.gov/?p=press_relea…