The Ensuring Innovation Act: New Law Helps Lower Prescription Prices

The Ensuring Innovation Act will help prevent pharmaceutical manufacturers from making small adjustments to raise drug prices.

WASHINGTON (KVRR) — Some prescription prices will be lower with a new bill President Biden has signed into law.

The Ensuring Innovation Act will help prevent pharmaceutical manufacturers from making small adjustments to raise drug prices.

The bill was led by Democratic Senator Tina Smith of Minnesota and Republican Senator Bill Cassidy of Louisiana. They say they want to help Americans save money on their medicine.

Smith says the law stops drug companies from keeping their monopolies in place. She says it will allow other prescription producers to enter the market.

“The medicine that hasn’t been improved. It’s the same that it has always been will go off patent meaning other companies can enter the market and offer that medicine. There’s going to be price competition, which always drives prices down and that’s why consumers will be benefiting,” Senator Smith explained.

The law still has to go through the FDA for regulating before it goes into effect.

Categories: Health, Politics / Elections