Democrats scramble to save prescription drug policy in social spending bill
Democrats on Tuesday reached an agreement to allow Medicare to negotiate prices on some prescription drugs, one of their last remaining hurdles as they try to hold votes on a major social spending and climate plan by the end of this week.
The finalized plan would allow Medicare to negotiate prescription drug prices in certain situations, including for drugs that are no longer under “exclusivity,” or protected from competition while they are still new to the market, according to lawmakers and aides who spoke before final legislative text was released.
The plan also imposes restrictions on how much drugmakers can increase their prices year over year. If a drug’s price rises faster than inflation, its manufacturer would have to pay a rebate, a tool that policymakers say will serve as an incentive for the pharmaceutical industry to keep prices low. The rebate requirement would apply in Medicare and in commercial insurance plans, meaning the policy will apply to millions of Americans.
“We all took a lot of noise in our communities,” Peters said. “I think there was a lot of pressure, but [we reached] a result that is going get passed — that was always one of the problems with HR 3 — and will provide relief for seniors.” The ban on negotiation has been in place since 2003, when President George W. Bush and congressional Republicans enacted the Medicare prescription drug program. They had to prohibit negotiation to win the votes of Republicans who were worried about the fate of drugmakers.
“That’s the sweet spot I’m trying to find,” he said last week. “How do we do something substantial when it comes to negotiation that actually gets price reductions, while addressing some of the concerns that Sen. Sinema is bringing to the table.”
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