WASHINGTON — A key Senate committee on Tuesday unveiled a long-awaited package of drug pricing reforms that would cap how much drug makers can hike their prices in Medicare. It would also cap out-of-pocket expenses for Medicare beneficiaries and dramatically reform the program’s prescription drug benefit.
The bipartisan effort, spearheaded by Sens. Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.), is projected to save the federal government $85 billion on drug spending over the next decade.
All that needs to happen in Washington is a full stop to Big Pharma’s lobbying. If politicians can no longer be bought, then the full-blown current corruption stops. Only then will drug prices come down. Might take half a centure, because politicians would need to re-discover morals and ethics ……
The Pharma lobbyists own Washington. It is blatant, obvious, rampant corruption. Until there is an end put to the disgusting, low, utterly destructive, sick political hand-outs, there is no hope whatsoever that drug pricing will come down. Because politicians can be bought by Pharma, no lofty ideas or schemes will work to bring down drug pricing. In any other country, the absence of corrupt allowances is exactly what renders drug pricing far, far lower than in the corruptable USA. The sewer stench in Washington oozing from corruptable politicians has to be eliminated. Such a major overhaul for radical improvement in attitude and morals will take another half century.
The deal breaker was The Trump administration “planning to formally endorse” part, which to me means it’s Shiney new sneakers for the lower-income bracket!
Why not place the same restriction on physician fees?
Pharma is irritated because they have bought and paid for many members in congress. It is way past time for congress to do something meaningful to control cost of prescription drugs. I have watched Pharma’s behavior for 42 years as a pharmacist. They have systematically raised prices and if following the process closely one would have to ascertain some type of collusion has been taking place for years.
As someone on the cusp of entering Medicare with several severe health care issues, I am keenly watching what can be done to help those of us who need help with medication that Medicare does not play nice with in the medication field. To say I am scared to death is an understatement
I think that they should stop penalties for not signing up for Medicare part D when I first got on Medicare…I did not have the money then and I pay for my drugs out of poket
Two years ago One of the provisions called for limiting annual price hikes to no more than the CPI plus 1.5%. The offset that one must be aware of is new drugs being introduced at a higher price than might be expected in order to capture the same revenue stream over the patent life if price increases are reduced. It was inappropriate for pharmaceutical companies to promise to keep price hikes at less than 10% annually.
First sentence should read “Two years ago I wrote an article entitled “A Three Step Cure For High Pharmaceutical Costs.”