Kaptur Votes to Pass Landmark Legislation to Lower Prescription Drug Costs
Washington, D.C. – Today, Congresswoman Marcy Kaptur (D-OH), voted to pass H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act, landmark legislation to strengthen the health and financial security of working families and seniors by reducing the astronomical cost of prescription drugs in the U.S.
“The cost of prescription drugs in this country is a crisis that threatens the health and financial security of millions in Northern Ohio and in communities across the United States,” said Rep. Kaptur. “H.R. 3 is the most ambitious drug pricing reform bill Congress has ever seen. Our rigged system prioritizes profits for Big Pharma at the expense of working Americans struggling to make ends meet. Our constituents are getting ripped off by the pharmaceutical companies, forced to pay upwards of 4 times more for prescription drugs than people in other countries. I’ve long worked to end this broken system. Now, we have a real chance. Congress must allow Medicare the ability to negotiate drug prices and bring down prescription drug costs for our citizenry. Life-saving medicines are unaffordable, and unattainable for far too many patients. H.R. 3 is a step forward to aid both these financial and health crises – according the Congressional Budget Office, this legislation will save taxpayers $500 billion over ten years. I have worked hard over the last year to strengthen this legislation and I am deeply thankful for the leadership of my colleagues in the House who joined me in that fight. I urge the Trump Administration to change course, support this legislation, and stand with us against the pain Big Pharma is causing American families.”
The Lower Drug Costs Now Act finally levels the playing field for American patients and taxpayers:
- Gives Medicare the power to negotiate directly with the drug companies, and creates powerful new tools to force drug companies to the table to agree to real price reductions, while ensuring seniors never lose access to the prescriptions they need.
- Makes the lower drug prices negotiated by Medicare available to Americans with private insurance, not just Medicare beneficiaries.
- Stops drug companies ripping off Americans while charging other countries less for the same drugs, limiting the maximum price for any negotiated drug to be in line with the average price in countries like ours, where drug companies charge less for the same drugs – and admit they still make a profit.
- Creates a new, $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries, and reverses years of unfair price hikes above inflation across thousands of drugs in Medicare.
- Reinvests the hundreds of billions of dollars in savings in the most transformational improvement to Medicare since its creation – delivering vision, dental and hearing benefits – and turbocharging the search for new cures.