Historic Proposal Would Allow Medicare to Negotiate Lower Drug Prices, Cap Insulin Costs for Families
Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released a statement after Democrats reached an agreement on policies to lower prescription drug costs.
“Today’s agreement marks a turning point for Americans’ health care costs,” Wyden said. “At last, Medicare will be able to negotiate directly with Big Pharma to get a fair price on prescription drugs for seniors. The agreement will create a $2,000 out-of-pocket cap for seniors so they will no longer be forced to sign a blank check for critical medicines, and it redesigns the Part D benefit to drives prices down and protects seniors from high costs.
“I am also pleased that the Finance Committee’s policy to limit drug price increases to inflation for both Medicare and commercial health coverage is included in the proposal. This policy is critical to stop drug company price gouging that has gone on for too long, and will go into effect beginning the day the bill is signed into law.
“On insulin, I am thrilled there is an agreement to cap what Americans pay for insulin at $35 a month – critical for many who have to choose between paying their bills or keeping up with this lifesaving medicine. And all insulin products covered by Medicare will be subject to negotiation.
“There is much work to be done in the days and weeks ahead to ensure this proposal gets to the President’s desk, but I am confident Democrats will get it done – Americans cannot wait any longer for drug pricing relief.”