Everyone deserves access to safe and affordable prescription drugs. But patients who are battling the most serious of illnesses are having difficulty paying for the medications they need because prices are continuing to rise.
In June 2019, drug manufacturers raised prices on over 100 drugs by an average of 27 percent. In 2018, there were 96 price increases for every price reduction.
The escalating price of prescription drugs has sparked a crisis of affordability that is hitting many of Maine’s most vulnerable the hardest.
A survey commissioned by Consumers for Affordable Healthcare found that three out of four voters in Maine are concerned about prescription drug prices. A whopping 84 percent of those surveyed supported policies that would require drug companies to release public information on how they set their prices.
In a moment of rare bipartisanship in Washington — Democrats and Republicans have come together in the 116th Congress to work to address this mounting crisis. Lawmakers have held at least a dozen hearings on drug pricing, and a number of bipartisan bills have begun to advance through the legislative process that would meaningfully increase accountability for brand name manufacturers and lower drug prices.
One bill that represents a positive and comprehensive step towards holding Big Pharma accountable is The Prescription Drug Pricing Reduction Act of 2019. The package, which has already passed with bipartisan support out of a key Senate panel, includes several market-based solutions that will make a real impact for families.
Our Sen. Susan Collins, chairwoman of the Senate Special Committee on Aging, has been leading the charge to ensure this bill, and other important measures that can deliver relief for patients, advance in Congress.
As Sen. Collins correctly noted in a July 30 statement urging her colleagues to bring this measure to the Senate floor for a vote, the package contains “many important provisions.”
This legislation protects patients and taxpayers by keeping the growth of prescription drug prices in line with inflation. This is key since a recent report found that overall drug prices increased by 10.5% over the past six months — four times faster than the rate of inflation. Over the last five years, prices have increased at ten times the rate of inflation.
The package also boosts list price transparency and increases competition through greater utilization of biosimilars.
The bill also provides immediate relief for seniors. The package caps out-of-pocket costs for Medicare Part D beneficiaries and shifts significant liability to drug makers in the catastrophic phase, giving drug makers less incentive to price-gouge patients.
Not only would The Prescription Drug Pricing Reduction Act help lower drug prices, it would save taxpayers and Medicare Part D beneficiaries billions of dollars. The nonpartisan Congressional Budget Office (CBO) estimates that taxpayers would save $100 billion, while Part D beneficiaries would save $27 billion in out-of-pocket costs and $5 billion in premiums.
I wish to commend Sen. Collins for her leadership in promoting this package and for all of her leadership on the crisis of prescription drug pricing. She has been a true champion for patients, and the people of Maine should be encouraged that they have a leader in Congress who is fighting for them.
No Mainer should have to choose between paying for their prescription and enjoying a high quality of life. It’s time for the rest of Congress to join Senator Collins and seize this moment to lower prescription drug prices.
Scott Strom, a Republican, is in his second term representing House District 106. He lives in Pittsfield.
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