Senate Committee Approves Bill to Lower Prescription Drug Prices!
Yesterday, the bi-partisan bill to cap annual prescription drug costs for Medicare enrollees at $3,100 maximum was approved by the Finance Committee.
This is particularly good news in a year where prices have already escalated over 18%. Perhaps this will slow down big pharma’s continued greedy efforts to produce higher and higher profits at the expense of those who can least afford it. The bill, entitled the Drug Pricing Reduction Act of 2019 would change the financing structure of Medicare Part D to eliminate the coverage gap, or as it is commonly known the ” donut hole”. In addition, it would require drug companies and insurance carriers to pay the bulk of the cost for those whose bills for pharmaceuticals are the highest by also the 5% share that currently is paid by beneficiaries when they are at the catastrophic tier.
According to Fiance Committee Chairman Chuck Grassley(R-Iowa) ” This would provide peace of mind to millions of seniors who will never have to worry about going bankrupt to pay for medication.” Senator Ron Wyden (D-OR) who worked with Grassley to get the measure approved concuured. According to the Congressional Budget Office, after 10 years the Grassley-Wyden measure would save beneficiaries about 27 billion in out-of-pocket costs, and $5 billion in premiums. The new rules are slated to take effect in 2022.