Lowering the Cost of Prescription Drugs
Under no circumstance should a family or individual have to forego meeting their most basic needs such as food, transportation, and housing just so that they can afford to fill a lifesaving prescription. However, this is the scenario that is playing out for far too many people across our nation. It is simply unacceptable.
As Americans, we pride ourselves on being global leaders in so many categories – but when it comes to the cost of prescription medicine, we fall far behind the rest of the world. A report I commissioned earlier this year showed that the price of Insulin for diabetic patients in NY-25 is roughly 21 times more expensive than the identical medicine is in Australia, 14 times more than in the United Kingdom, and 12 times more than it is just across the border in Canada. Even worse, studies show that manufacturers could charge as little as $7-$11 per month for Insulin and still make a profit – yet prices for these drugs continue to rise to over $450 per month.
The costs of prescription drugs has reached a crisis point in our nation and that is why I am working tirelessly in Congress to ensure all Americans can afford the lifesaving medicine they need.
I am a proud co-sponsor of H.R. 3 The Lower Drug Costs Now Act – a groundbreaking piece of legislation that will rein in the skyrocketing cost of medicine, create competition in the market, and cap out-of-pocket costs for prescription drugs.
To achieve this, it will:
Negotiate drug prices for, at minimum, 25 of the most costly drugs to patients and taxpayers. Insulin, which affects more than 100 million Americans, must be included in these negotiations.
Consider the price of identical drugs in other countries and ensure Americans pay a comparable cost.
Ensure Medicare patients don’t pay more than $2,000 in out-of-pocket expenses.
Establish escalating penalties against drug companies that do not comply with
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