Congress is about to act on drug price reform. Here's what you need to know
Added 08-06-22 05:07:01am EST - “A deal on the table in Congress would help deliver on a long-time promise: to make prescription drugs more affordable. It includes a $2,000 cap on out-of-pocket expenses for Medicare patients.” - Npr.org
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Demonstrators outside PhRMA headquarters in Washington, D.C., protest lobbying by pharmaceutical companies to keep Medicare from negotiating lower prescription drug prices. Saul Loeb/AFP via Getty Images hide caption
Demonstrators outside PhRMA headquarters in Washington, D.C., protest lobbying by pharmaceutical companies to keep Medicare from negotiating lower prescription drug prices.
Americans pay way more than people in other countries do for prescription drugs. This drives voters crazy, and although lawmakers have been vowing to do something about it for decades, they haven't made much progress.
That could change as soon as this week. The Inflation Reduction Act – hashed out by Senate Majority Leader Chuck Schumer, D-N.Y., and Senator Joe Manchin, D-W.V. – includes several provisions around drug prices and health insurance. The Senate is planning to bring the bill to a vote Saturday, and it appears on track to get through Congress and be signed into law by President Biden.
"The proposal to limit out-of-pocket expenses that's on the table right now would absolutely make a huge difference in my life," says Medicare recipient Bob Parant, 69, of Westbury, New York. He has Type 1 diabetes and pays about $5,000 out of pocket for insulin each year, on top of thousands more for a heart medicine.
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