Washington, DC — Today, House Democrats announced new guidance from the Congressional Budget Office (CBO) on the Lower Drug Costs Now Act (H.R. 3) that will confirm that, by giving Medicare the power and the tools to negotiate, the bill will save taxpayers approximately half a trillion dollars over the next 10 years. The bill will use those savings to invest in a historic expansion of Medicare to include new benefits such as dental, hearing and vision as well as funding for the National Institutes of Health (NIH) to assist in the search for new cures and treatments. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“The Lower Drug Costs Now Act represents an historic investment in Medicare and historic savings on the cost of prescription drugs. This bill is a win for the American people, full stop. It lowers drug prices by giving Medicare the power and the tools to negotiate for lower drug prices. The half a trillion dollars in savings will be invested into hearing, vision and dental benefits for Medicare beneficiaries and into the life-saving work of the NIH.
“This bill should have the support of every member of Congress if not for Big Pharma’s spending. President Trump and Republicans will face this choice next week: support legislation that lowers the cost of prescription drugs for every American or side with Big Pharma against the interests of virtually everyone. You can well bet if Republicans choose the latter over the former, we will make sure the American people know whose side they are on.”