LOUISVILLE, Ky. (WDRB) — Senators Rand Paul (R-KY) and Mike Lee (R-UT) have introduced a bill aimed at cutting drug prices.

The bipartisan Biosimilar Red Tape Elimination Act would cut drug prices and increase competition in the pharmaceutical market by categorizing generic brand "biosimilar" drugs as interchangeable with name-brand drugs. 

Paul said Americans pay too much for prescription treatments because of outdated FDA requirements. Choosing generic drugs over name brands could save consumers about $42.9 billion by 2027. 

"This bill would give pharmacists more options, subject to state law, to substitute unaffordable therapeutics with lower-cost alternatives," Paul said in a release.

A committee would have to approve the bill before it goes to the Senate floor for a vote.

To view a copy of the bill, click here.

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