U.S. Sen. Martha McSally (R-AZ) recently introduced the Lowering Prescription Drug Prices for America’s Seniors and Families Act of 2020, which is aimed at decreasing patients’ out-of-pocket expenses.
“President Trump called on Congress in his State of the Union address to put a bill lowering the cost of prescription drugs on his desk and I am answering that call,” Sen. McSally said. “I will work with members of the House and Senate on both sides of the aisle to pass bipartisan legislation to address this important issue.”
Sen. McSally on March 3 sponsored S. 3384, which would allow for the negotiation of prices for certain covered Medicare Part D drugs, according to the text of the bill, and would allow for importation by individuals of prescription drugs from Canada.
“Americans should not be paying more than Canadians for drugs developed and made in America, the out-of-pocket costs for seniors must be capped, and big PhRMA must stop exploiting loopholes that allow them to maintain monopolies at the expense of patients and taxpayers,” said the senator.
If enacted, S. 3384 also would preserve access to affordable generics and biosimilars; increase the use of real-time benefit tools to lower beneficiary costs; and establish a manufacturer discount program, according to the bill’s text.
“I hear constantly from constituents all across Arizona who are overwhelmed by the rising cost of prescription drugs,” Sen. McSally said. “From seniors who can’t afford their medications to parents struggling to care for a child who suffers from chronic conditions, out-of-pocket drug costs are too high.”
The bill also would help lower prescription drug costs by curbing the ability of drug companies to abuse the patent system to delay competition and prevent cheaper alternatives from entering the market, according to the senator’s office, and would cap the out-of-pocket costs for prescription drugs for seniors on Medicare at $3,100 each year.
The legislation is under consideration by the U.S. Senate Finance Committee.