The top Republican and Democrat on the U.S. Senate Finance Committee announced a...
WASHINGTON/NEW YORK - The top Republican and Democrat on the U.S. Senate Finance Committee announced a proposal to lower prescription drug prices on Tuesday that could save $100 billion in costs to government healthcare programs, and said the committee would vote on the legislation on Thursday.
The committee’s chairman, Senator Chuck Grassley, and its leading Democrat, Senator Ron Wyden, said in a statement that they have been working on the bipartisan plan to “address the broken prescription drug supply chain” for six months.It is not clear how much support this, or any other drug pricing measure proposed in Congress, will receive ahead of 2020 presidential elections. But the cost of U.S. healthcare is sure to be a top campaign issue.
The senators said the proposal would save taxpayers $100 billion from the Medicare and Medicaid programs. Beneficiaries would save $27 billion in out-of-pocket costs. U.S. President Donald Trump, a Republican, has struggled to deliver on a pledge to lower drug prices before the November, 2020 election. His administration is currently working to push through a rule that would tie some Medicare drug prices to the lower prices paid in other countries.
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