BINGHAMTON, N.Y. - US Senator Kirsten Gillibrand was in our area Friday to speak out against what she calls soaring prescription drug prices.
Gillibrand held a news conference Friday afternoon at Ascension Lourdes Hospital alongside staff from the Pharmacy.
The Democrat discussed legislation she is proposing called the Stop Price Gouging Act.
The proposal would require pharmaceutical companies to report any price increases in their products as well as a justification for the adjustment.
It would also impose a tax penalty on corporations unjustified price spikes.
Gillibrand says low-income seniors don't know where to turn when their medications become more expensive.
"It particularly harms and undermines the well-being of seniors, especially those on a fixed income. If you're on a fixed income, and your drug prices keep going up, you have to make some really tough decisions like whether or not to pay for food, heating or your medicine. You may go without you medication for months at a time because you can't afford it," said Gillibrand.
The money generated from the penalties would fund future drug research and development at the National Institutes of Health.
Gillibrand is also drafting a bill that would make it legal for New York residents to obtain drugs from Canada at a reduced price, because they have single-payer health care.