27 Sep Vermontbiz: Welch pushes to rein in skyrocketing prescription drug prices
Vermont Business Magazine Representative Peter Welch (D-VT) today introduced bipartisan legislation with Representative Morgan Griffith (R-VA) that would address a loophole in the Medicare 340B Drug Pricing Program that is contributing to the rising cost of health care for consumers and threatening access to lifesaving medications. The introduction of this legislation is the latest in Welch’s efforts to fix the broken prescription drug market that has led to unrestrained price increases for consumers and providers.
“Drug companies have been taking advantage of the ‘orphan drug’ loophole since 2014 at the expense of consumers and rural hospitals and healthcare providers,” Rep. Welch said. “Vermont hospitals rely on the 340B program to ensure they are able to continue to serve those with health care needs. These hospitals and those they serve cannot afford to have this critical program circumvented due to yet another market failure that allows big drug corporations to cash in at their expense.”