Congress should pass Red Tape Elimination Act to lower drug costs

Last year, 43% of U.S. adults did not take their medication as prescribed because of the cost of prescription drugs. These rising drug prices hit American seniors, small businesses, and middle-class families the hardest.

The bulk of these costs are due to biologic medicines. While biologics make up only 5% of our country’s prescriptions, they account for 51% of prescription drug spending. In fact, patient and taxpayer spending on biologics has increased from $100 billion to $260 billion over the last decade.