PCMA: FAST Generics Act to Increase Competition, Reduce Rx Costs

WASHINGTON, April 7, 2017 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) issued the following statement on the Fair Access for Safe and Timely ("FAST") Generics Act, introduced today by Reps. David McKinley (R-WV) and Peter Welch (D-VT).

"This legislation will help bring generics to market faster, which is the key to reducing drug costs," said PCMA President and CEO Mark Merritt.

The bipartisan legislation prevents brand drug manufacturer abuses of risk evaluation and mitigation strategies (REMS) that block generic competition. Allowing generic and biosimilar drugs to get to market more quickly will reduce overall drug costs.

PCMA is joined by a broad group of stakeholders in support of the legislation, including the Association for Accessible Medicines, the Academy of Managed Care Pharmacy, Public Citizen, and the Blue Cross Blue Shield Association. 

PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, Medicaid plans, and others.

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SOURCE Pharmaceutical Care Management Association