Mary Alice Reporting – United States Senator Sherrod Brown says efforts to lower prescription drug prices are headed to the US House of Representatives.
Over the weekend, the US Senate passed the Inflation Reduction Act of 2022, which aims to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40% by 2030.
In terms of the drug prices, Brown says this would allow Medicare to negotiate with pharmaceutical companies to lower prescription prices for older Americans.
“For years we’ve seen the drug industry, through the pharmacy benefit managers, just pick off patients one at a time and overcharge them so drug company profits are astronomical, many of them don’t pay much in taxes, and this is the first time, in years, that we’ve been able to hold the drug companies accountable.”
For the drug pricing, Brown adds this would create a direct negotiation for drug costs, would place a direct $2,000 cap on out-of-pocket prescription drug prices for seniors, and create an “inflation rebate”.
On the other side, US Senator Rob Portman spoke on the floor and noted the need for more money for US Border Control for increased detection to prevent opioids from crossing into the United States.
Portman noted other issues, such as the new tax system laid out in the measure that would affect big companies, but it will come down to the employees and customers since it would be passed to them through lower wages, lower benefits, and higher prices for goods, so this Act, will not reduce inflation, according to Portman.
“So, when you’re at the gas pump or grocery store or buying something anywhere today, you’re feeling the sticker shock, and yet, this legislation is going to make it even worse. It adds $700 billion more in spending and over $300 billion more in new taxes, increasing costs to consumers and actually making inflation worse.”
The Inflation Reduction Act now awaits a House vote.
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