On Thursday, members of both the U.S. House of Representatives and the U.S. Senate introduced legislation that targets efforts that have limited competition, which keeps the price of prescription drugs high.

The high cost of insulin to treat diabetes would be drastically reduced under legislation the U.S. House of Representatives passed on March 31, in a rare example of drug price reform gaining traction in Congress.

President Joe Biden called for the U.S. Senate to approve his Build Back Better legislation to reduce the costs of prescription drugs provided through Medicare and cap out-of-pocket drug costs for seniors.

pharmaceuticals

Democratic Party lawmakers holding up proposed drug pricing reforms are among the largest beneficiaries of the pharmaceutical industry’s push to stave off price cuts, a Reuters analysis of public lobbying and campaign data shows.

Barring a last-minute reversal, 2018 will likely end as a down year for the biotech industry, at least in terms of stock performance.