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Senators announce bipartisan plan to lower drug prices

Two lawmakers introduced legislation today that they said would lower the price of prescription drugs for Americans, according to a press release.

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., said the bill, known as the Prescription Drug Pricing Reduction Act of 2019, would “modernize and improve” Medicare Part D by:

• Removing the program’s complexity;
• Providing an out-of-pocket spending limit;
• Improving incentives to increase negotiation between prescription drug plans and manufacturers;
• Protecting Medicare Part D from manufacturer’s drug price increases;
• Lowering government spending, premiums and out-of-pocket costs.
• Increasing transparency into pharmacy benefit manager practices and manufacturer drug pricing decisions;
• Enhancing how Medicare determines Part B prescription drug payment amounts to lower spending and beneficiary out-of-pocket costs; and
• Removing excess Part B drug payments that increase beneficiary and program costs.

“This legislation shows that no industry is above accountability. Passing these reforms, especially those that will affect some of the most entrenched interests in Washington, is never easy. But Americans are demanding action and reform is long overdue,” Grassley and Wyden said in the press release.

 

Two lawmakers introduced legislation today that they said would lower the price of prescription drugs for Americans, according to a press release.

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President Donald J. Trump has had mixed success in his attempt to lower drug prices during his tenure.

HHS reported about a year ago that some of these initiatives, such as introducing the Biosimilar Action Plan, promoting competition and access to drugs as well as granting waivers to states that would allow states to negotiate pricing contracts with drug makers have been implemented.

But other initiatives have met setbacks, including the recent district judge ruling that blocked the HHS rule that certain drugs prices be included in TV ads, saying HHS overstepped its authority in issuing such a requirement.

The Grassley and Wyden legislation will be discussed at a Senate Finance Committee hearing July 25, according to a press release. Stay tuned to Healio Primary Care for continuing coverage. – by Janel Miller

Disclosures: Healio Primary Care was unable to determine relevant financial disclosures prior to publication.