Sens. Cory BookerCory BookerMaternal and child health legislation must be prioritized now Poll: Harris, Michelle Obama lead for 2024 if Biden doesn't run Five reasons for Biden, GOP to be thankful this season MORE (D-N.J.) and Bernie SandersBernie SandersStudy: Test detects signs of dementia at least six months earlier than standard method The Hill's Morning Report - Presented by Uber - Omicron tests vaccines; Bob Dole dies at 98 Democrats see Christmas goal slipping away MORE (I-Vt.) on Friday introduced a bill that would create a new federal agency focused on controlling the costs of prescription drugs.
The Prescription Drug Affordability and Access Act would form the Bureau of Prescription Drug Affordability and Access.
The 2020 Democratic hopefuls were joined by fellow White House contender Sen. Kamala HarrisKamala HarrisCDFIs have proven they're the right tool to help small business, let's give them what they need to do the job The Hill's Morning Report - Presented by Uber - Omicron tests vaccines; Bob Dole dies at 98 Biden cannot allow his domestic fumbles to transfer to the world stage MORE (D-Calif.) as sponsors of the legislation.
One of the main tenants of the proposal is that if a drug company did not comply with the regulations, it would void exclusivity protections, allowing other companies to produce generic copies of a drug.
The senators noted the legislation is one of the few bills to directly address a drug's list price, which is the cost before any discounts or rebates and is usually only paid by the uninsured.
Under the bill, manufacturers planning to bring a new drug to the market would have to submit to the bureau the cost of research and development, the cost of the drug and of comparable medications in other countries and the federal investments that contributed to the drug's discovery and production.
The Bureau would review that information and
The legislation is one of many ideas and legislation proposed to try to bring down prescription drug prices but is one of the most drastic introduced to date.
There is bipartisan interest in lowering the cost of prescription drugs, and President TrumpDonald TrumpMan sentenced to nearly four years for running scam Trump, Biden PACs Meadows says Trump's blood oxygen level was dangerously low when he had COVID-19 Trump endorses David Perdue in Georgia's governor race MORE has made it a signature priority. But while Trump and lawmakers have railed against high drug prices and proposed some steps to address the issue, there have not been any major actions taken to date that have resulted in lower prices.
House Democrats are expected to vote next month on Speaker Nancy PelosiNancy PelosiDole in final column: 'Too many of us have sacrificed too much' Dole to lie in state in Capitol Rotunda House to vote on Uyghur bill amid diplomatic boycott of Beijing Olympics MORE's (D-Calif.) signature bill that would let Medicare negotiate drug prices. However, Republican opposition is likely to kill the bill in the Senate.
Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellDole in final column: 'Too many of us have sacrificed too much' Schumer steps on the gas to move Biden agenda Hoyer says Dec. 15 is drop-dead deadline to hike debt ceiling MORE (R-Ky.) has not given his support to even a more modest bipartisan drug pricing measure from Sen. Chuck GrassleyChuck GrassleyFormer Sen. Bob Dole dies at 98 Alarm grows over smash-and-grab robberies amid holiday season GOP blocks bill to expand gun background checks after Michigan school shooting MORE (R-Iowa) and Sen. Ron WydenRonald (Ron) Lee WydenSenate parliamentarian looms over White House spending bill Democrats push tax credits to bolster clean energy Five reasons for concern about Democrats' drug price control plan MORE (D-Ore.).
Other 2020 candidates have spoken favorably of using so-called march-in rights to break a drug company's exclusive patent and allow a cheaper version from a competitor if a drug is priced too high.
The agency is modeled after Canada's Patented Medicine Prices Review Board, which reviews whether a medication is overpriced, comparing the cost to similar medicines in other countries.
Updated at 8:59 a.m.