Prescription Drug Price Regulation

The Identified Concern:

  • 3 out of every 10 Americans report going without their prescribed medications because of the cost burden, but the financial performance of the pharmaceutical companies creating these medications is the driving factor to push innovation.

  • In the US, we let drug companies set their own prices which have caused drug prices in the US to skyrocket. Prices continue to rise even with insurance plans covering part of the cost.

  • Americans spend around $1,200 per year on prescriptions, which is more than any other country in the world. That does not include special medications such as treatment for cancer, diabetes, or rheumatoid arthritis. 

  • ***Note: The Build Back Better Act has provisions in it for drug price regulation. It has passed the US House of Representatives, however, still must go through the US Senate. The Build Back Better Act has provisions that would:

      • Allow the federal government to negotiate prices for some high-cost drugs covered under Medicare Part B and Part D

      • Require inflation rebates to limit annual increases in drug prices in Medicare and private insurance

      • Cap out-of-pocket spending for Medicare Part D enrollees and other Part D benefit design changes

      • Limit cost-sharing for insulin for people with Medicare and private insurance

      • Eliminate cost-sharing for adult vaccines covered under Part D

      • Repeal the Trump Administration’s drug rebate rule

      • Click here to learn more about the Act

Our Proposed Solutions:

  • If the Build Back Better Act does not pass during this session of Congress, I will fight for the stipulations laid out as it relates to prescription drug price regulation. 

  • In support of H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act:

      • Give power to Medicare to directly negotiate with drug companies for lower prices that can become available to individuals with private insurance coverage too;

      • The creation of a $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries;

      • Reinvestment in innovation and research for new cures and treatments.

  • Limit cost-sharing to a copay of no more than $35 for insulin and capping costs at no more than $100/month.

  • Limit yearly price increase of prescription drugs to the rate of inflation.

  • Eliminate loopholes that allow Big Pharma to keep generic drugs out of the market.

  • ***Note: There is so much more to talk about in the healthcare field. This is just my plan for Prescription Drug Price Regulation. I plan to address additional healthcare concerns with additional platform releases in the coming months. 

How would we pay for this?

  • There would be no additional costs associated with regulating the price of prescription drugs.

  • The CBO estimates that the Build Back Better Act changes in prescription drug price regulation would create cost savings of about $530 billion over a 10 year period.