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STATEMENT OF SENATOR SUSAN COLLINS ON COMPROMISE REACHED REGARDING LEGISLATION TO SPEED GENERIC DRUGS TO MARKET

WASHINGTON, D.C. - Senator Susan Collins today issued the following statement on the Health and Education Committee's announcement that it has forged a compromise on the legislation and plans to move forward with the bill:

"This compromise, which is based on bipartisan legislation I sponsored earlier this year, will make prescription drugs more affordable for all Americans by speeding lower-priced generic alternatives to the marketplace. Like our original bill, this compromise closes two major loopholes in patent law that have allowed drug manufacturers to game the system to keep lower-priced generics off the market. I am hopeful that this compromise will be promptly approved by the Health and Education Committee, and the full Senate, for it has the potential to save Americans $60 billion in drug costs over the next ten years. It also has important implications for Congress as we work to craft a prescription drug benefit for Medicare that provides seniors with the drugs that they need to stay healthy while remaining within the budgetary framework Congress has provided."