WASHINGTON, D.C. – The bipartisan Fair and Accurate Medicaid Pricing (AMP) Act, led by U.S. Sens. Maggie Hassan, D-N.H., and Bill Cassidy, R-La., to close a loophole in the Medicaid rebate program that results in big pharmaceutical companies overcharging taxpayers was included in the continuing resolution budget package passed by the Senate on Thursday.

The senators said that due to the loophole, drug companies can underpay rebates owed to state Medicaid programs, increasing state and federal costs for prescription drugs. The bipartisan legislation will save taxpayers approximately $3.1 billion during the next 10 years.

“Big pharmaceutical companies are making huge enough profits without unnecessary loopholes that come at the expense of the taxpayer,” Hassan said. “I am glad our bipartisan, common sense legislation to hold pharmaceutical companies accountable and save taxpayer dollars was included in the funding package, and I look forward to seeing it become law.”

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