CONGRESSMAN JOE MORELLE CONDEMNS DRUG MAKERS FOR PRICE HIKES DURING GLOBAL PANDEMIC
(Washington, D.C.) – Today, Congressman Joe Morelle condemned drug makers who have raised the prices of hundreds of medications during the COVID-19 pandemic. A recent Politico article revealed that pharmaceutical companies pushed more than 800 price increases this year and adjusted the cost of 43 medicines upward by an average of 3.5 percent so far in July alone, including treatments for respiratory illness—a common symptom of COVID-19.
"Drug costs in America are already egregiously high—and to raise them further during a global health crisis when families are already struggling is simply criminal," said Congressman Joe Morelle. "This is especially egregious because of its impact on older Americans who are more vulnerable now than ever and often rely on life-saving medication. My colleagues and I in the House of Representatives have taken action to stop this price gouging once and for all by passing the Lower Drug Costs Now Act, and we'll continue working to make prescription drugs affordable for every American."
In June 2019, Rep. Morelle highlighted a report from the House Committee on Oversight and Reform which found that the cost of diabetes medication in the 25th Congressional District is up to 21 times higher than the cost of the same drugs in Australia, averaging over $450 per month. Now, those prices are increasing even further.
The Lower Drug Costs Now Act, co-sponsored by Rep. Morelle, takes critical steps to lower the cost of prescription drugs and make healthcare more affordable.
Specifically, the legislation:
- Ends the ban on Medicare negotiating 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 all Americans, including those with private insurance, not just Medicare beneficiaries.
- Stops drug companies that are ripping off Americans while charging other countries less for the same drugs by establishing a maximum price for any negotiated drug with an international price index.
- 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 in innovation and the search for new cures and treatments, putting the savings from lowering inflated drug prices towards research at National Institutes of Health.
This legislation passed the House of Representatives in December 2019 but has yet to be taken up for a vote in the Senate.
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