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Senator Smith introduces new bill to reduce drug costs

Senator Tina Smith is taking on big pharmaceutical companies to make your prescription drugs cheaper.

Smith introduced the ‘Affordable Medications Act’ this week in Congress.

It’s a bill designed to hold the big pharma companies accountable.

“The top 25 pharma companies have a profit margin of 20-percent,” Minnesota Senator Tina Smith said. “Compare that to the other companies on the Fortune 500 list, and their profit is a fraction of that.”

Smith says large pharmaceutical companies are taking advantage of Minnesotans and others around the country, by charging high costs for drugs and limiting generics.

“Prices will just keep going up and up and up,” Smith says. “The problem is that there is no accountability. These drug companies decide how much they want to charge. There is no transparency.”

The bill will also allow more generic brands into the market, while keeping drug costs as minimal as possible.

Smith says the cost of prescriptions is one of the top issues Minnesotans face.

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