Senate Bill 360 eliminates “minimum markup” on prescription drugs
Madison – State Senator Tim Carpenter (D-Milwaukee) testified today at the Capitol in favor of changing the law to lower prescription drug costs in our state by eliminating Wisconsin’s minimum markup law on prescription drugs (Senate Bill 360).
“On behalf of my constituents, I will continue to raise my voice against Wisconsin’s Depression-era minimum markup law. This outdated law stifles competition in the sale of prescription drugs. Across our nation, large retail pharmacies are able to offer hundreds of generic drugs for a total retail cost of four dollars – but not in Wisconsin,” said Carpenter.
Senator Carpenter noted that this year almost saw the end of SeniorCare, Wisconsin’s program to allow limited-income seniors get the prescription drugs they need. “Prescription drug costs are especially concerning for our seniors on fixed incomes, and our seniors should not have to have anxiety that they will not be able to afford the drugs that they need,” said Carpenter.
Senator Carpenter also noted that people who have access to prescription drugs by mail are able to take advantage of lower prices that are blocked by the minimum markup in local pharmacies. “We should allow low prices on prescription drugs for everyone, not just those who can buy them in another state or through the mail,” said Carpenter.
In 2010 it is estimated that $307 billion dollars was spent filling prescriptions, with most being generic drugs. “If we repeal the minimum markup law, Wisconsin residents will be able to join the people in 45 other states who can purchase almost 350 of these generic drugs for only four dollars,” said Carpenter.
Senator Carpenter has also championed bills to eliminate the minimum markup on the sale of gasoline, as well as all other items covered by Wisconsin’s minimum markup law.