Updated Bipartisan Legislation Delivers Even More Savings and Affordability Measures to Medicare Beneficiaries, Holds Middlemen Accountable to Consumers
Washington – Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.) today released an updated version of their bipartisan Prescription Drug Pricing Reduction Act of 2019 and announced that an agreement was reached to fund critical, expiring health care programs.
“This updated legislation turns a very good bill into a great bill that will help Americans afford the prescription drugs they need,” Grassley said. “Seniors and Americans with disabilities will see even lower out-of-pocket costs. This bipartisan legislation also helps pay for critical health programs nationwide. And it achieves all of this without charging the taxpayer a dime more. Big Pharma will also finally be held accountable to taxpayers who subsidize their billions of dollars in annual profits. Congress has the opportunity to deliver a real, concrete win for the American people. Now it just needs to show courage and finally act. Members of Congress who fail to meet this test will have to face their constituents and won’t have a believable explanation for why they chose not to act. It should get a vote soon.”
“This agreement delivers even more savings to Americans, cracks down on the drug industry’s tricks, and secures key health programs for years to come,” Wyden said. “I’m proud of the bipartisan work that’s been accomplished so far, in particular for Chairman Grassley’s leadership and our commitment to capping out-of-pocket costs for seniors and requiring drug companies to pay back Medicare if they increase prices faster than inflation. It’s time to put Americans over Pharma profits and pass this bill.”
Legislative text can be found HERE.
Details regarding the health extender provisions can be found HERE.