Preserve Access to Affordable Generics and Biosimilars Act

This bill aims to lower prescription drug costs by prohibiting "pay-for-delay" agreements, where brand-name pharmaceutical companies pay generic or biosimilar manufacturers to keep lower-cost versions of a drug off the market. Under this legislation, the Federal Trade Commission (FTC) would have the authority to penalize companies that enter into these settlements, which are often used to bypass competition and maintain high prices on brand-name medications. For everyday citizens, this bill is intended to increase the availability of more affordable generic medications and biosimilars by ensuring that legal settlements do not unfairly delay their entry into the marketplace.