WASHINGTON, D.C. – Senator Peter Welch (D-Vt.) today delivered keynote remarks at an event hosted by The Atlantic on his bipartisan work to lower prescription drug costs and advance generic medicines. The event, titled The Next Frontier for Accessible Medicines, focused on hurdles facing generic and biosimilar manufacturing and facilitating innovation. 

Senator Welch, with Senators Mike Braun (R-Ind.) and Amy Klobuchar (D-Minn.) introduced bipartisan, bicameral legislation to streamline drug patent litigation, prohibit patent owners from asserting multiple patents from the same patent “thicket” in separate legal actions, and safeguard quality patents that improve existing drugs.  

“We all aspire to have a health care system that’s affordable and accessible for everyone. But we simply can’t afford the pricing power Big Pharma has. Big Pharma’s use of patent thickets increases the burden on generic and biosimilar drugs, stifling innovation and competition and driving up prescription drug costs for families in Vermont and across the country,” said Senator Welch after the event. “My bipartisan legislation will increase competition in the prescription drug market to help folks get the medicine they need at prices they can afford.” 

Senator Welch continued: “In Vermont, our neighborhood pharmacies are crucial to delivering care to rural communities. But PBMs have manipulated the system to earn huge profits at the expense of small pharmacies. I’ll continue to work with my colleagues in Congress to address unfair pricing structures that enhance Big Pharma’s profits at the expense of affordability for everyday Vermonters.” 

Senator Welch has championed bipartisan and bicameral efforts to lower health care and prescription drug costs for Vermonters. In February, Senator Welch hosted a panel discussion on Capitol Hill with Sen. Amy Klobuchar (D-Minn.), health care experts, and patient advocates focused on how pharmaceutical companies have manipulated the U.S. patent system and harmed everyday patients. The discussion focused on Senator Welch’s legislation introduced with Sens. Braun and Klobuchar. 

In September, Senator Welch and U.S. Representative Doris Matsui (D-CA-07) introduced the bicameral 340B Pharmaceutical Access To Invest in Essential, Needed Treatments & Support (PATIENTS) Act, legislation that would protect the 340B drug pricing program and ensure patients—especially those in lower income and rural communities—can continue care with providers who utilize the program.  

This Congress, Senators Welch and Roger Marshall (R-Kan.) introduced the Drug Price Transparency in Medicaid Act, legislation to limit abusive pricing practices by pharmacy benefit managers (PBMs), including the use of a technique called ‘spread pricing,’ where PBMs charge Medicaid more than they pay pharmacies for a particular drug. The bill would save Medicaid an estimated $1 billion over 10 years. 

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