Lower Drug Costs Now Act
Americans pay too much for prescription drugs
- The list prices for more than 3,400 drugs increased more than 17% over last year’s prices in the first 6 months of 2019.
- From 2011-2016, prescription drug spending in the United States grew by more than 2.5 times inflation.
- In Connecticut, the portion of insurance premiums attributable to prescription drug costs grew from 15% in 2010 to 23% in 2019.
- Prescription drug companies charge Americans prices that are three, four, or five times the cost of the identical product in other countries.
The Lower Drug Costs Now Act (H.R. 3) addresses these problems by:
- Directing the Secretary of Health and Human Services to directly negotiate the price of up to 300 prescription drugs which cost the American people and Medicare the most money, and making that lower price available to all private insurance plans as well as Medicare.
- Charging drug manufacturers, a rebate if they increase the price of their drug faster than inflation.
- Creates a $2,000 out of pocket limit on prescription drug costs for Medicare beneficiaries.
- Reinvests the savings in research at the National Institutes of Health and improving Medicare.
Americans spend more on pharmaceuticals per capita than any other country in the Organization for Economic Co-operation and Development (O.E.C.D.)
Source: New York Times
More on Lower Drug Costs Now Act
November 6, 2019 Press Release
“The Lower Drug Costs Now Act has a chance to be the most significant legislation on health care that the 116th Congress will accomplish,” said Congressman Courtney, following the discussion.
Rep. Courtney has called for an end to the practice of drug manufacturers “using Americans as a piggy bank,” and has said that H.R. 3 “will be the most significant piece of legislation on health care that will happen in this Congress.”
October 9, 2019 Page