Senate Democrats are considering a new proposal to reduce drug prices. New Jersey’s Senator Bob Menendez noted that despite efforts to reduce the financial burden on American consumers, many proposed bills only serve to collect revenue from pharmaceutical companies without passing along these economic benefits to patients. Despite projections that Speaker Pelosi’s drug pricing bill could lead to $500 billion in savings, an alternative bill could be a more successful piece of legislation.
“Senate Democrats are crafting their own proposal to lower prescription drug prices, an alternative to Speaker Nancy Pelosi’s (D-Calif.) plan, amid doubts about whether the House bill can get all 50 Senate Democrats on board. Senate Finance Committee Chairman Ron Wyden (D-Ore.) is taking the lead in working on the proposal, but Senate Majority Leader Charles Schumer’s (D-N.Y.) staff has also been meeting with outside groups and is engaged on the issue, according to people familiar with the conversations.” Read more here.
(Source: Peter Sullivan, The Hill, 6/9/21)