SPRINGFIELD, Ill. – The Illinois Legislature is taking on prices of prescription drugs.
A bill passed Wednesday in the Illinois House would address “price gouging” on generic or “essential off-patent” prescription drugs.
The bill defines “price gouging” as a 30-day supply of the drug exceeding $20 and resulting in an increase of 30% or more in a year, 50% or more within three years, or 75% or more within five years.
Representative Nabella Syed (D-Palatine) sponsored the bill.
“It is our duty to protect Illinoisans. It’s out duty to take care of our seniors. And that’s exactly what this bill does,” Syed said.
If a drug company is suspected of price gouging, the Attorney General would be able to investigate. A company would have 45 days after an investigation is opened to address the reasoning for the price increases.
Syed says prescription drug affordability should be a bipartisan issue. It was a sentiment shared by State Senator Dave Koehler (D-Peoria). His chamber is now where the bill will be debated and voted on.
Koehler says the measure is about being “fair” for a necessary product.
“It’s about being responsible to making sure that people who need it most in our society have the ability to access the drugs they need to keep their lives in order,” Koehler said.
Koehler expects to bill to move “swiftly” through the Senate. If passed and signed by Governor J.B. Pritzker, the measure would go into effect on January 1st of next year.
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