Collins, GOP Senate colleagues release bill to reduce prescription drug prices

U.S. Sen. Susan Collins (R-ME) on July 2 joined a group of Republican senators in introducing the Prescription Drug Pricing Reduction Act of 2020.

“This bipartisan legislation addresses some of the most pressing problems in our healthcare system,” Sen. Collins said. “It is a tremendous opportunity for Congress to deliver a decisive victory in lowering healthcare costs for the people of Maine and the entire nation.”

If enacted, S. 4199 would amend the Social Security Act to lower prescription drug prices in the Medicare and Medicaid programs, improve transparency related to pharmaceutical prices and transactions, lower patients’ out-of-pocket costs, and ensure accountability to taxpayers, according to the text of the bill.

Sen. Collins is one of nine original cosponsors of S. 4199, including U.S. Sens. Bill Cassidy (R-LA), Steve Daines (R-MT), Joni Ernst (R-IA), and Martha McSally (R-AZ). U.S. Sen. Chuck Grassley (R-IA) sponsored the measure, which also would improve manufacturers’ reporting of average sales prices to set accurate payment rates, according to a bill summary provided by Sen. Collins’ office.

“Skyrocketing drug prices are making it more and more difficult for Americans to access the treatments they require,” said Sen. Collins, chairman of the U.S. Senate Aging Committee and a member of the U.S. Senate Health Committee. “Combatting the rising costs of these medications is one of my top priorities.”

The legislation would save taxpayers $95 billion, reduce out-of-pocket spending by $72 billion, and lower premiums by $1 billion, according to analysis of the draft of S. 4199 released in March by the independent Congressional Budget Office (CBO).

“We’re continuing to build support for the bill and this information will be key in educating our colleagues about the many benefits of our approach,” Sen. Grassley said when the CBO report was released. “Americans are tired of talk and are ready for action. I urge both Democratic and Republican senators to look past politics and support the only path forward to lower prescription drug prices.”