Many points that had been prime of thoughts only some months in the past have been sidelined by the coronavirus pandemic, its financial fallout, and social unrest associated to police brutality and racial inequality. As a co-author of bipartisan laws to cut back prescription drug costs, I can let you know that receding media consideration is doing the American individuals a disservice. Congress should not let occasions function an excuse for doing nothing about drug costs. That is the time to handle the disaster of health-care affordability.
President Trump campaigned in 2016 on bringing affordability and equity to the prescription drug market. In Could 2018, he referred to as on lawmakers to cross an overhaul of the drug pricing system. Democrats went on to win the Home later that yr, largely on points like health-care affordability. If leaders in each events acknowledge the system is damaged, why isn’t it being fastened? Three causes: a bipartisan lack of political braveness, an unwillingness to compromise, and a strong foyer with deep pockets.
After Independence Day, Congress will seemingly contemplate one other coronavirus aid bundle. Because the Senate’s most senior Republican, I’ll be pushing to incorporate the Prescription Drug Pricing Discount Act, which I launched with Sen. Ron Wyden (D., Ore.). So way over 127,000 Individuals have died from Covid-19. As medication to deal with the illness emerge, health-care affordability must be central to the dialog.
This bipartisan invoice would cap Medicare beneficiaries’ out-of-pocket prices at $3,100 yearly and permit funds to be unfold out over a yr. Over 10 years, these and different modifications would save seniors and Individuals with disabilities $72 billion in out-of-pocket prices and scale back premiums by $1 billion. The invoice would save taxpayers almost $100 billion over the identical interval—a uncommon supply of price range financial savings in an period of trillion-dollar deficits. The Congressional Funds Workplace discovered that the invoice’s spillover results would additionally get monetary savings for Individuals within the business well being market.