SPRINGFIELD, Ill. – Big pharmaceutical corporations jacking up the costs of generic prescription drugs could face serious financial penalties following legislation by state Rep. Katie Stuart, D-Edwardsville, which just passed the State House of Representatives.
“We’ve seen many times that some members of the pharmaceutical industry care more about profits than they do people,” Stuart said. “That’s why it was so important to my colleagues and I that we step up and pass this bill. Illinois families’ access to medication should not depend on whether a company’s executives get a bonus or their stock price goes up.”
Stuart passed House Bill 3957, which would make prescription drugs more affordable and accessible by cracking down on price gouging by big pharmaceutical companies. Research by the U.S. Department of Health and Human Services found that over 1,200 prescription medications increased in cost over the past year, with the average increase being 31% and some being as high as 500%. This has raised prescription prices by as much as $20,000 and made many prescriptions unaffordable. House Bill 3957 empowers state health agencies and the attorney general to combat these increases with financial penalties on companies found to be raising costs without cause.
House Bill 3957 passed the House with strong bipartisan support.
“Life-saving medications only work if people can afford them,” Stuart said. “Especially now, as families are being hit from all sides with rising costs, it’s time to rein in the cost of these essential medicines.”
Stuart’s office is reachable at 618-365-6650 or firstname.lastname@example.org.