Sen. Gillibrand announces plan to prevent prescription drug price spike

WASHINGTON, DC (WRGB)--Sen. Kirsten Gillibrand announced new legislation Tuesday to protect Americans from prescription drug price spikes.

The legislation, called the "Stop Price Gouging Act" would hold drug companies accountable for large price increases.

It would also penalize companies that price gouge without cause, leading to price spikes for patients.

"Prescription drugs can be enormously expensive. And it shouldn't be this way. Access to medicine should never be a luxury, it's a necessity. People buy medicine because they need it. Because they're sick, and that pill might cure them or hold their symptoms at bay," Sen. Gillibrand.

Analysis by Harvard researchers shows the stop price gouging act would result in billions of dollars in savings for taxpayers.