PALATINE, Ill. – A measure passed by state Rep. Nabeela Syed, D-Palatine, which enforces serious financial penalties on big pharmaceutical corporations that jack up the costs of prescription drugs, is now in effect.
“Many people in our community made it clear to me that high prices of prescription drugs were a serious source of stress,” Syed said. “As of Jan. 1, pharmaceutical companies that rake in obscene profits by taking advantage of patients who cannot go without their medicines will face consequences for their abuses. Life saving medicine is only lifesaving for those who can afford it, and for too long we have allowed profits to take priority over those lives.”
Syed’s House Bill 3957 clearly defines and outlaws price gouging of generic and off-patent prescription drugs, and empowers the Attorney General’s office to investigate manufacturers for violations. The bill passed the state House and Senate with strong bipartisan support and was signed into law by the Governor last August. On Jan.1, it went into effect.
“Big pharma is leveraging their position as a provider of vital medication to extract every dollar they can from patients,” Syed said. “This measure is a good first step in cracking down on such predatory behavior and I’m confident it will make a difference.”