Gillibrand Announces Legislation To Drive Down Drug Costs
Senator Kirsten Gillibrand was at the St. Luke’s Hospital Pharmacy on Friday to announce the Stop Price Gouging Act.
She says the legislation would drive down prescription drug prices, ensure access to affordable medications for New York seniors and penalize drug companies that raise prices of medication without justification.
“No matter where I am in our state, one thing I keep hearing over and over again is that New York’s seniors are extremely worried about the high cost of prescription drugs,” said Gillibrand. “We must solve this crisis, and one of the most effective ways we can do that is by finally holding drug companies accountable with tough penalties when they spike the price of prescription drugs that New Yorkers need to treat their illnesses. I am proud to be the author of the Stop Price Gouging Act, and I will fight as hard as I can in the Senate to pass this important bill.”
Gillibrand says in January 2017, median prices for prescription medications increased by an average of nearly nine percent, about four times higher than the overall inflation rate.
She says that's forcing many seniors living on a fixed income to consider going without their medication.