“I supported the Pharmaceutical Market Access Act because I believe it will overcome price controls that unfairly place higher drug prices upon the American consumer,” Franks said.  “Americans deserve not only a safe market, but a competitive one as well.  A market that will save them money.  Price controls in other countries should not control the American consumer’s access to life saving medication.”

Today Americans pay 30 to 300 percent more for their pharmaceutical drugs than in European and other industrial nations.  Over the next ten years, seniors will spend $1.8 trillion on prescription drugs.  Under

HR 2427, if seniors take advantage of world market drugs, they could save 35 percent, or $630 billion.

The Pharmaceutical Market Access Act was written in part by the Food and Drug Administration.  This legislation requires that each pharmaceutical shipment be tested, unless the package already uses counterfeit-resistant technology--the same technology that the U.S. Department of the Treasury uses to secure U.S. currency.  Market access would be limited to 25 industrial nations, such as Canada, Australia, Japan, Norway, Switzerland, and New Zealand (Mexico is not included).  The FDA will implement a system to allow Americans access to FDA-approved drugs from FDA-approved facilities.

“This will free Americans from an environment where patients are forced to forgo pharmaceutical treatments, at risk to their own health, because they cannot afford rising drug costs,” Franks said.  “We allow access to other markets when it comes to food, now it is time to access other markets when it comes to fundamental medical needs.  I am convinced that the Pharmaceutical Market Access Act will give pharmaceutical companies the leverage they need to knock down barriers preventing free market access, and more importantly, to knock down price controls.  In the long run, this will be better for the drug companies and better for American consumers.”