Pallone on Prescription Drug Pricing Agreement in Build Back Better Act
Washington, D.C. – Energy and Commerce Committee Chairman Frank Pallone, Jr. (D-NJ) released the following statement today on the bicameral agreement to lower prescription drug prices for Americans in the Build Back Better Act:
“We have reached a bicameral agreement to lower prescription drug costs for Americans. This deal will finally allow Medicare to negotiate lower prescription drug prices, penalize pharmaceutical companies that unfairly raise prices, and cap annual out-of-pocket prescription drug costs for seniors at $2,000.
“Right now, the only service or product that Medicare cannot negotiate a fair price for is prescription drugs, and that simply cannot continue. This agreement will finally set Medicare on the right path to negotiating fair prices. While not nearly as expansive as we had originally proposed, I’m hopeful the agreement’s new inflation rebate and out-of-pocket cap for seniors will work in tandem with Medicare’s negotiation authority to meaningfully lower prescription drug costs for Americans.
“I’m pleased we were able to reach an agreement to lower prescription drug prices for the people because inaction was simply unacceptable. While today’s agreement is a step in the right direction, Congress must continue its work to provide additional relief to Americans at the pharmacy counter.”