Slotkin co-sponsors bill to lower prescription drug prices
U.S. Rep. Elissa Slotkin, D-Michigan, is working toward one of her campaign promises as she co-sponsors a bill to lower prescription drug prices.
The bill, the Medicare Negotiation and Competitive Licensing Act, would allow Medicare to negotiate for lower costs to the consumer.
“The escalating cost of prescription drugs is untenable for families in the 8th District, but it doesn’t have to be this way,” Slotkin said. “There is no reason why Medicare should be barred from negotiating for lower drug prices, something the Veterans Administration does already — which is why I’m excited to sign on to legislation that finally gives Medicare that power.”
This bill would “allow the federal government to negotiate with prescription drug companies on behalf of Medicare to lower drug prices” and “authorize licenses for lower-cost generics when talks fail,” according to a press release.
Medicare insures roughly 60 million Americans and is prohibited from negotiating prescription drug prices with pharmaceutical companies.
While the release said Slotkin has been a voice for lowering drug prices in the past, a report that drug companies would raise their prices by an average of 6.3 percent this year spurred her action on the issue.
“Sky-high drug prices are a problem that both Democrats and Republicans agree we need to solve,” Slotkin said. “It’s time for us to build on that common ground and pass legislation that will have an immediate effect on families’ pocketbooks and health.”