NTU urges all Senators to vote “NO” on Amendment #2107 to S. 3187, the Food and Drug Administration Safety and Innovation Act. This amendment, introduced by Senator John McCain (R-AZ), would permit prescription drug importation from Canada.
We believe drug importation is fraught with fiscally and economically detrimental consequences for taxpayers and consumers alike. Using data from a Congressional Budget Office Study, we concluded back in 2003 that the cost savings from importation may not be as great as advocates suggest. Little has changed since then.
Any short-term cost savings will likely be offset by other financial consequences associated with importation that could be far more damaging. These schemes would allow drugs to be shipped at prices set by foreign countries, depriving our pharmaceutical companies of the resources they need to research cures for some of the world’s most debilitating illnesses. While NTU supports free trade and free markets, taking advantage of lower prices set by foreign governments is not the same as the free market determining the fair value of a drug. And with any sudden influx of exports from Canada, pharmaceutical companies will be forced to change their current pricing structures, offering fewer alternatives for lower-priced drugs both here and abroad.
We cannot afford to put America’s economy even further at risk through drug importation. Instead, the Senate should pursue plans to streamline the approval process for new and generic drugs and limit lawsuit abuse, thereby decreasing drug prices and increasing drug choices for patients across the board.
A “NO” vote on Senator McCain’s Amendment #2107 is considered the protaxpayer position and will be included in our annual Rating of Congress.