Sens. Bernie Sanders and Cory Booker, candidates for the Democratic presidential nomination, introduced on Friday a bill that would form an independent federal agency focused on regulating the cost of prescription medications.

The senators joined forces to draft The Prescription Drug Affordability and Access Act, which would establish the Bureau of Prescription Drug Affordability and Access. The new agency would be given authority to control prices of prescription drugs and could abolish patent protections for manufacturing companies that don't comply.

This would allow for lower-cost generic medications to be made.

Sen. Kamala Harris of California, another 2020 contender, joined the candidates as a sponsor of the bill.

Under the legislation, drug manufacturers planning to develop a new medication would have to submit its plans to the bureau, including the cost of research and development, the cost of the drug and of comparable medications in other countries, as well as the federal investments that contributed to the drug's discovery and production, The Hill reported .

The agency would review the information to determine an appropriate price.