Support HR 3 to Reduce Prescription Drug Prices
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Rising prescription drug costs continue to threaten U.S. residents’ physical and financial health, leaving millions of Americans unable to afford essential medications. Nevertheless, pharmaceutical companies have continued to increase prices on critical drugs like insulin. Research shows that over the next 10 years, an estimated 1.1 million premature deaths among Medicare recipients due to cost-related prescription drug non-adherance.
To drive down the cost of prescription drugs for all Americans, House Democrats have introduced H.R. 3, The Elijah E. Cummings Lower Drug Costs Now Act designed to meaningfully decrease prescription costs.
The legislation’s key provisions include:
- Allowing Medicare to negotiate prescription drug prices and make those negotiated prices available to commercial health insurance plans.
- Capping Medicare beneficiaries’ out-of-pocket costs on prescription drugs at $2,000 per year.
- Requiring drug manufacturers to pay a rebate to the federal government if they increase prices faster than inflation.
- Reinvesting the savings into the National Institutes of Health and Food and Drug Administration to support the research and development of new treatments.
Constituents must urge their representatives to support HR 3 to substantively control the ever rising cost of prescription drug.
