ICYMI: A way to lower drug costs

ICYMI: A way to lower drug costs

Dave Heaton

 

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Today, as many as one out of four Americans can’t afford their prescription drug medications. Yet, over the last six months alone, Big Pharma has increased drug prices four times faster than the rate of inflation. And in June, Big Pharma raised the price of 106 drugs by an average of 27 percent.

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But now, thanks to Sen. Chuck Grassley’s determined leadership on this issue as chair of the U.S. Senate Finance Committee, Congress has a rare, bipartisan opportunity to enact meaningful change for Iowa patients by passing the Prescription Drug Pricing Reduction Act of 2019. This bold drug pricing package – the culmination of months of hard work – recently advanced out of the Senate Finance Committee with bipartisan support and represents an important, concrete and positive first step toward holding Big Pharma accountable and lowering the price of prescription drugs.

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The positive benefits of this legislation for taxpayers, seniors and patients would be substantial. The nonpartisan Congressional Budget Office (CBO) estimates that the solutions outlined in this drug pricing package would save American taxpayers $100 billion in Medicare and Medicaid spending.

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Without concrete action to hold drug manufacturers accountable and lower the price of prescription drugs, patients here in Iowa and across the country will continue to suffer. American voters have made clear that inaction is simply not an option and this past election cycle, voters made it clear that the top priority of Congress should be lowering the out of control price of prescription drugs. Now, thanks in large measure to Sen. Grassley’s leadership, the U.S. Senate is just one step away from advancing meaningful change for the American people.