The Senate’s involvement in an initial step brings hope for the development of new and more affordable drugs accessible to Americans.
Sparking Hope for Affordable Drugs
The Senate committee has approved the amendment for the renewal of the Pandemic and All-Hazards Preparedness Act with a vote of 17-3.
The Pandemic and All-Hazards Preparedness Act aims to equipped the nation and prepare them for medical responses.
The soaring prices of prescription drugs remain a highly debated and contentious matter in the U.S. healthcare system today, according to Forbes. The Inflation Reduction Act (IRA) could mark the first step in a series of legislative initiatives with the objective of reducing drug prices and ensuring the availability of affordable drugs for Americans.
Search for Development of Affordable Drugs – Photo by: (Adobe Stock)
National Academies of Sciences, Engineering, and Medicine Embarks on a Search for the Development of Affordable Drugs
As per the Food and Drug Administration (FDA), when a drug’s patent has expired, and five generic companies are producing it, the price is expected to decrease by approximately 85 percent.
NASEM was instructed to investigate two ways of funding new drugs. Government and philanthropic organizations primarily finance basic discovery research, whereas late-stage development is predominantly funded by pharmaceutical companies or venture capitalists.
An amount of $3 million has been designated for the National Academies of Sciences, Engineering, and Medicine to examine diverse payment models aimed at supporting the development of new medications.
