The National Seniors Council recently attended a hearing on the rising prices of generic drugs in America, held by the Senate Committee on Health, Education, Labor and Pensions, Subcommittee on Primary Health and Aging.
“I was really alarmed at some of the testimony we heard at this hearing,” stated National Director Rob Crone. “In some instances prices for generic drugs have risen 500% in cost,” continued Crone. “These are drugs that seniors rely on to survive, literally. It’s going to be a big issue during the 114th Congress, and I know from speaking with our members that this is a battle they want the National Seniors Council to fight on their behalf.”
The outgoing Subcommittee Chairman, Senator Bernie Sanders, chaired the hearing and was very critical of the pharmaceutical industry. A panel of drug representatives and senior citizens testified for nearly two hours over what exactly Congress can do to alleviate the financial squeeze senior citizens on Social Security are feeling.
“The first thing that has to be done about generic drugs is to mandate that generic drug makers extend rebates to Medicare if the prices rise faster than the rate of inflation,” says Crone. “Senior citizens are facing tough decisions: food and electricity, or life-saving medication.”