Congresswoman Beatty Helps Pass Lower Drug Costs Now Act
WASHINGTON, D.C.—Today, the U.S. House of Representatives passed the Lower Drug Costs Now Act, H.R. 3, once-in-a-generation legislation that sets out to address the skyrocketing cost of drug prices so that no American must ration their medicine or go to other extremes to make ends meet. Immediately following the vote, U.S. Congresswoman Joyce Beatty (OH-03) said:
“We have all seen the dramatic increase in the price of insulin, EpiPens, and numerous other life-saving medications over the last decade. Yet, up until now, Congress—under Republican Leadership—had done little more than lip-service to solve the problem. As a cosponsor of H.R. 3, I proudly cast my vote in support of this historic bill because it will not only lower prescription costs, but also expand Medicare benefits for seniors and millions of people with disabilities. Quite simply, this bill delivers real results for the people of Ohio’s Third Congressional District, the middle-class, and all hardworking American families.”
If enacted into law, the Lower Drug Costs Now Act will give Medicare the power to negotiate directly with drug companies to bring down prices and create powerful new tools to force drug companies to the table to agree to real price reductions. In addition, newly-negotiated, reduced prices would be available to Americans with private insurance. Further, the bill would stop drug companies from ripping off Americans while charging other countries less for the same drugs by limiting the maximum price for any negotiated drug, and at the same time cap the out-of-pocket limit on prescription drug costs for Medicare recipients. Independent experts have concluded that H.R. 3 will save American households $120 billion, private businesses more than $40 billion, and taxpayers another $500 billion. Savings would then be reinvested back into Medicare.
Of note, the Lower Drug Costs Now Act includes a provision that closely mirrors a recently introduced bill by Beatty, the End Price Gouging for Insulin Act, H.R. 5364, to tackle the rising cost of insulin. However, Beatty’s bill goes a step further and would guarantee that no American—with or without healthcare coverage—is forced to pay upward of $300 for their insulin.
For more information on the End Price Gouging for Insulin Act, please click here.
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