Addressing skyrocketing drug prices has been one of Maine Senator Susan Collins' priorities. During a speech to the Pew Charitable Trust in Washington Monday Collins says one big reason for the hike is the failure of the Federal Trade Commission (FTC) to enforce anti-monopoly laws.
“It’s really the FTC that’s the lead on this," Collins says. "I think we need to figure out why they are not doing more and rectify that problem.”
A study backed by Pew has found that U.S. spending on prescription drugs has risen 30 percent over the past six years. Collins called for more transparency in the system, which she says has allowed drug companies to develop complicated and opaque pricing schemes and to manipulate patent laws. Collins says she also blamed the FTC for lax enforcement of monopoly laws. She says the agency has taken few actions against drug companies which have been able to maximize profits at consumers' expense.
“I don’t know whether this is a matter of inadequate resources at the FTC or inadequate expertise, but clearly this is something that we need to look into.”
