How Congress Can Make Real Progress on Drug Prices

Summary

The Lower Drug Costs Now Act (H.R. 3) would impose federal price controls on prescription medicines. The bill would limit Americans’ access to lifesaving therapies, impede the development of new treatments for deadly and debilitating diseases, and inflict harm that vastly exceeds the budgetary savings it promises. Congress should reject the policies of H.R. 3 and pursue drug-pricing reforms that encourage innovation. Specifically, Congress should reform Medicare prescription drug payment programs and practices that prevent affordable generic medicines from coming to market.

Key Takeaways

To combat rising prescription drug costs, Congress should address flawed government policies and provide relief for patients and taxpayers.

Congress can start by rejecting H.R. 3, which would limit access to life-saving medicines, impede development of new cures, and inflict harm on Americans.

Congress should reform Medicare prescription drug programs and ban anti-competitive practices that prevent affordable generic medicines from coming to market.

The House of Representatives is scheduled to vote this week on H.R. 3, the Lower Drug Costs Now Act, which would impose federal price controls on prescription medicines. The bill would limit Americans’ access to lifesaving therapies, impede the development of new treatments for deadly and debilitating diseases, and inflict harm that vastly exceeds the budgetary savings it promises.
Congress should reject the policies of H.R. 3 and pursue drug-pricing reforms that encourage innovation. Specifically, Congress should reform Medicare prescription drug payment programs and practices that prevent affordable generic medicines from coming to market. Such reforms include restructuring the Medicare Part D program to protect seniors from high out-of-pocket drug spending and refining federal laws that brand-name manufacturers are exploiting to prevent competition from generics.
These proposals enjoy overwhelming support among both parties in the House and Senate and could be signed into law by the President. All proposals are included in an alternative bill (H.R. 19) released by House Republicans on December 6.1

H.R. 19, The Lower Costs, More Cures Act, section-by-section summary released by House Republicans, December 6, 2019. H.R. 19, as outlined in this document, contains many proposals approved with bipartisan votes by the Senate HELP Committee (S. 1895, The Lower Health Care Costs Act) and the Senate Finance Committee (S. 2543, The Prescription Drug Pricing Reduction Act).

Acting on these reforms would provide relief from high prescription drug prices, while fostering continued medical innovation that will cure diseases, lengthen life expectancy, and improve quality of life. [MORE]
https://www.heritage.org/health-care-reform/report/how-congress-can-make-real-progress-drug-prices