The FDA Moves to Lower Prescription Drug Costs

iStock

The U.S. Food and Drug Administration (FDA) has just taken steps to improve competition in the prescription drug market and encourage lower-cost drug alternatives for consumers.

The FDA published a list of drugs that don’t have approved genetic versions, with the goal of encouraging the development of new generics. It also implemented a new policy to speed up its review of generic drug applications in classes of medication with limited competition. In addition, the agency will expedite its review of generic drug applications until there are three approved generics for a given drug, which could significantly lowers consumer drug prices.

On July 18, 2017, the FDA will hold a public meeting on the accessibility of generic drugs. Additional steps to improve the prescription drug market are expected to be announced soon.

Sourced from: FDA