Washington, D.C. – Congresswoman Elise Stefanik sponsored bipartisan legislation to protect the 340B Drug Pricing program, which offers a lifeline for underserved patients, especially in rural communities, to access affordably-priced prescription drugs.
The Preserving Rules Ordered for the Entities Covered Through (PROTECT) 340B Act would prohibit pharmaceutical companies and pharmacy benefit managers (PBMs) from hurting hospitals and other providers that participate in the 340B drug pricing program.
“Rural communities in the North Country have been well-served by this important program that provides access to discounted drugs and lifesaving services,” Stefanik said. “But current threats to this program are making it increasingly difficult for North Country hospitals to administer lifesaving drugs at a discounted price to patients in need. The 340B Program is essential to providing access to healthcare for North Country communities, and I am proud to continue to advocate for it.”
The 340B Drug Pricing program requires pharmaceutical companies to provide drugs at discounted prices to specified clinics and hospitals. Rural hospitals facing financial hardship rely on this program to be able to afford continuing to provide healthcare services in their communities.
Stefanik joined Congressman David McKinley (R-WV) and Congresswoman Abigail Spanberger (D-VA), who introduced this legislation. Read full text of the bill here.