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Insurance companies pledge $55M to lower generic drug prices

The first batch of lower-cost generics drugs could hit the market as early as 2022.

GRAND RAPIDS, Mich. — Blue Cross Blue Shield and 18 independently operated Blue Cross Blue Shield companies announced a partnership Thursday that will lower the cost of select generic drugs, according to ABC News.

The coalition of health insurers pledged $55 million in a partnership with the nonprofit generic drug manufacturer Civica Rx. 

ABC News said the new subsidiary is being formed in response to the impact high drug costs has had on Americans and the affordability of health care in the country. 

The first batch of lower-cost generics drugs could hit the market as early as 2022.

The shift to cheaper generic drugs comes at a time when the pharmaceutical industry and lawmakers have faced immense pressure to lower the cost. In 2019, ABC News reports a record 51 laws in 33 states were enacted to address drug prices and access. As the 2020 presidential campaigns ramp up, health care costs remains a key issue for voters.

RELATED: White House and Pelosi part ways on relief for drug prices

"We believe everyone should have access to health care, no matter who they are or where they live," Scott P. Serota, president and CEO of BCBSA, said in a statement provided to ABC News. He added that he hopes "others will join us to achieve the change Americans want to see in the health care system."

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