Illinois Cracks Down on Prescription Drug Price Gouging
SPRINGFIELD, Ill. – Big pharmaceutical corporations jacking up the costs of generic prescription drugs could face serious financial penalties following legislation by state Rep. Nabeela Syed, D-Palatine, which just passed the State House of Representatives.
“Thousands of Illinoisans are dependent on generic and off-patent prescription drugs for their health. When big pharmaceutical corporations jack up prices on these medications, they force people to pay a ransom to stay healthy,” Syed said. “Illinoisians deserve peace of mind knowing that the cost of their lifesaving prescriptions will not triple overnight. Lifesaving medicine is only lifesaving to those who can afford it.”
“Illinoisans deserve health security, and no one should struggle to afford their medication,” said House Speaker Emanuel “Chris” Welch. “This is a critically important bill for Illinoisans across this state and I’m incredibly proud of the work Rep. Syed put in to get it across the finish line with bipartisan support.”
Syed passed House Bill 3957, which would make prescription drugs more affordable and accessible by cracking down on price gouging by big pharmaceutical companies. Research by the U.S. Department of Health and Human Services found that over 1,200 prescription medications increased in cost over the past year, with the average increase being 31% and some being as high as 500%. This has raised prescription prices by as much as $20,000 and made many prescriptions unaffordable. House Bill 3957 empowers state health agencies and the attorney general to combat these increases with financial penalties on companies found raising costs without cause.
House Bill 3957 passed the House with strong bipartisan support. State Sen. Dave Koehler will work to pass the bill in the Senate.
“We must send a clear message to pharmaceutical companies that take advantage of Illinoisans by charging exorbitant prices for necessary medication,” Koehler said. t's time we enact reforms that protect patients - allowing them to afford drugs they desperately need - and drive down the costs that have burdened employers and taxpayers alike. This bill does just that."
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