Generic drugs are non-brand-name medications that are typically cheaper because they are produced after the original drug’s patent expires. Price caps limit how much pharmaceutical companies can charge for these generic versions, aiming to keep them affordable for patients. Proponents argue that removing price caps promotes market competition, can spur innovation in the generic drug market, and may lead to better supply and availability. Opponents argue that eliminating caps could result in significant price increases, putting essential medications out of reach for low-income or uninsured patients.
