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Democrats’ Long-Sought Plan for Lowering Drug Costs Is Here

 

AUGUST 6, 2022

Your prices are going DOWN, thanks to Democrats, the bill empowers Medicare to negotiate prices directly with drug makers  one the pharmaceutical industry and Republicans have fought ferociously.

(NEW YORK TIMES) WASHINGTON — For decades, as prescription drug costs have soared, Democrats have battled with the pharmaceutical industry Now they are on the verge of passing a broad budget bill that would do just that, and deliver President Biden a political victory that he and his party can take to voters in November.

It could save some older Americans thousands of dollars in medication costs each year.

The legislation EXTENDS for three years, the larger premium subsidies that low- and middle-income people have received during the coronavirus pandemic.

It would ALLOW  those with higher incomes who became eligible for such subsidies during the pandemic to keep them.

it also would LIMIT how much Medicare recipients have to pay out of pocket for drugs  to $2,000 annually — a huge benefit for the 1.4 million beneficiaries who spend more than that each year, often on medicines for serious diseases like cancer and multiple sclerosis.

The budget office estimates that the bill’s prescription drug provisions will SAVE THE FEDERAL GOVERNMENT $288 billion over 10 years, in part by forcing the pharmaceutical industry to accept lower prices from Medicare for some of its big sellers.

Ten drugs would qualify for negotiation in 2026, with more added in subsequent years. The bill outlines criteria by which the drugs would be chosen, but the ultimate decision would rest with the health secretary — a provision that Mr. White, the Republican consultant, warned would lead to “an incredible lobbying campaign” to get drugs on the list or keep them off it.

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