WASHINGTON – U.S. Rep. Jeff Van Drew voted Dec. 12 to pass H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act, legislation to lower prescription drug costs for every American.
According to a release, this legislation provides the authority and tools for the Secretary of Health and Human Services to negotiate to lower the price of drugs and caps annual out-of-pocket costs in Medicare Part D.
Perhaps the most groundbreaking part of the comprehensive bill is that the savings generated from lowering drug costs in H.R. 3 will be reinvested with the goals of lowering out-of-pocket costs and closing coverage gaps for Medicare beneficiaries and investing critical funding in innovative new treatments and our fight against the opioid crisis.
Van Drew also co-authored and helped pass an amendment to provide care in rural and medically underserved areas.
“The status quo on prescription drug prices is deeply broken and unsustainable. In the United States, insulin costs per patient have nearly doubled from 2012 to 2016. Meanwhile, Medicare is forbidden by law from negotiating lower drug prices, even as drug companies raise prices on seniors and beneficiaries without any limit,” stated Van Drew. “With the Lower Drug Costs Now Act, we are taking bold action to level the playing field for American patients and taxpayers. This legislation is one that I am proud to have voted for, and the House can be proud to have passed. It is essential to save the lives of Americans and improve our quality of life.”
In New Jersey’s 2nd Congressional District, Medicare currently does not provide coverage for 90% of oral, vision, hearing, and dental exams, and cost is a key reason why beneficiaries don’t seek out these essential services.
In increasing access to dental, vision, and hearing services seniors’ quality of life and independence is increased, and Medicare spending is decreased in the long run.
In addition, the drugs that are life-saving, including cancer medication and insulin, are the most expensive. It will result in higher quality of life from all Americans, and most importantly it will save lives.
H.R. 3 doesn’t just benefit Medicare recipients, but also those enrolled in private health insurance.
Combined, there are more than 700,000 who stand to benefit from the passage of this legislation in New Jersey’s 2nd Congressional District alone.
H.R. 3 brings down the cost of prescription drugs, level the playing field for American patients, and invests in research for treatment and cures, benefitting all Americans.
This bill:
- 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 ripping off Americans while charging other countries less for the same drugs, limiting the maximum price for any negotiated drug to be in line with the average price in countries like ours, where drug companies charge less for the same drugs.
- 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, using some of the savings for new breakthrough treatments and cures at NIH.
