Sanders: Drugmakers should reimburse taxpayers for high prices

Sen. Bernie Sanders (I-Vt.) wants drugmakers to pick up the increased cost of medications to Medicaid programs.

Sanders introduced the Medicaid Generic Drug Price Fairness Act on Thursday. Currently, brand-name drug manufacturers are required to rebate Medicaid if prices increase faster than inflation. His bill would extend that provision to generic drug manufacturers as well.

{mosads}“Drug companies have seen the opportunity to make a whole lot of money and they are seizing that opportunity,” Sanders said. “This is greed at work in the pharmaceutical industry.”

Sanders has been critical of the sharp price increase of generic drugs — some increasing by nearly 400 percent.

Sanders said the reimbursements to Medicaid from generic drugmakers would save taxpayers nearly $500 million over 10 years.

Rep. Elijah Cummings (D-Md.) introduced a companion measure in the House.