Grassley, Wyden Push Drug Price Overhaul Bill
The Senate Finance Committee meets 7/25 to mark up the Prescription Drug Pricing Reduction Act of 2019, introduced by committee chairman Chuck Grassley (R-IA) and ranking member Ron Wyden (D-OR). Grassley and Wyden say the bill as drafted would result in Medicare savings of $85 billion over 10 years, beneficiary savings of $27 billion in out-of-pocket costs, beneficiary savings of $5 billion in premiums, Medicaid savings of $15 billion, and savings for prescription drug benefits offered by commercial insurers.
“The cost of many prescription drugs is too high,” Grassley and Wyden say. “Without action, we’re on an unsustainable path for taxpayers, seniors, and all Americans…. We’ve been working on a bipartisan basis for more than six months to craft legislation that begins to address the broken prescription drug supply chain…. 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. We’re looking forward to working with our colleagues on the Finance Committee and with other committees in Congress to pass this prescription drug pricing overhaul very soon.”