Contact: Caroline Rabbitt (202) 224-2353
Washington, D.C.- Senator Tom Cotton (R-Arkansas) today introduced the Safely Advancing Valuable and Inexpensive New Generic Solutions Act, or the SAVINGS Act, legislation that would require the Food and Drug Administration (FDA) to expedite the review process for both the first and the second introduced generic drugs. It would also require the FDA to make a final approval decision within 150 days of receiving the priority review applications.
"The steady rise in prescription drug costs over the last several years has left many Arkansans wondering just how much more they can take. And as healthcare premiums rise under Obamacare, there's now even less room in family budgets to spend more on prescription drugs," said Senator Cotton. "Regrettably, the current FDA backlog of new generic drug applications awaiting approval is only making this problem worse. Expediting the approval process for both the first and the second generic and requiring the FDA to make a decision in a timely fashion will increase competition in the prescription drug market and help lower costs for Arkansas families."