Senate Democrats are making a last-ditch attempt before the midterm elections to enact drug pricing reforms, a goal stymied by infighting.
The party is working toward a slimmed-down prescription drug pricing bill after failing to win support for President Joe Biden's sweeping trademark Build Back Better bill. Sen. Joe Manchin thwarted that bill's final passage but has signaled support for passing drug pricing and healthcare reforms through the reconciliation process, which allows Democrats to bypass GOP filibusters and pass bills with only a simple majority in the Senate.
The bill also stipulates that Medicare beneficiaries would not have to pay more than $2,000 out of pocket annually for prescription drug coverage as part of the Part D program, a move that would save more than 860,000 enrollees an average of $900 annually, according to the Robert Wood Johnson Foundation.While there is no estimate of how much this bill would save Medicare beneficiaries yet, actuaries have made savings estimates from previous versions of the bill. House Democrats' H.R.
H.R. 3 included an out-of-pocket cap on insulin costs. It would also require selecting a much wider range of negotiation-eligible drugs — at least 50 — but HHS could target up to 125 drugs plus any single-source insulin products not included among those drugs. Price negotiations would be based on an international index, or what other countries have to pay for the same drugs.
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