Senate Republicans introduce bill to undo Democrats’ prescription drug cost-cutting legislation

Congressional Democrats’ Inflation Reduction Act (IRA) will lower health care costs for people with Medicare, capping their out-of-pocket drug costs and allowing Medicare to negotiate prices for some of the highest cost brand-name drugs, among other things. Oliver Willis reports for the American Independent that Senate Republicans have introduced a bill to undo the drug price negotiation provision in the IRA, apparently valuing Pharma’s financial interests over the health and well-being of their constituents.

Senator James Lankford, Oklahoma, Marco Rubio, Florida, Mike Lee, Utah, and Cynthia Lummis, Wyoming, want to stop Medicare from negotiating prescription drug prices. The Protecting Drug Innovation Act argues against “price controls.” Its sponsors seemingly fail to appreciate that the Inflation Reduction Act requires drug price negotiation; moreover, people with Medicare today currently are subject to price controls because pharmaceutical manufacturers effectively hold monopoly pricing power as a result of the patent protections the government gives them.

The Republican Senators also curiously argue that their goal is to not shorten lives, even though drug price negotiation is designed to make drugs affordable in order to enrich and extend lives. Every other wealthy country negotiates drug prices on behalf of their residents, and all of them have populations with longer life expectancies than the US.

The three Republican sponsors of the bill are all up for reelection next month. Given that voters have as a top policy priority reining in health care costs, these Senators’ opposition to lower drug costs should lose them votes. Four in five voters support Medicare drug price negotiation, and nearly seven in ten Republicans support it. By one estimate, drug price negotiation will save a couple with Medicare more than $2,400 a year.

Republican policymakers also do not support strengthening and expanding Social Security benefits, another policy the vast majority of Americans support.

Here’s more from Just Care:

• In the hands of Republicans, Social Security is at serious risk
• Biden administration says Part B premiums will drop in 2023
• 2023: Medicare premiums and other costs
• Medicare Annual Open Enrollment: Beware of Bad Actors
• Medicare Advantage plans are an “Insatiable Cash Monster“