More than 63 million Americans who are enrolled in Medicare benefit from the agency’s new ability to cap the costs of prescription medicines.
A group of Republican senators on Thursday introduced legislation that, if enacted, would prevent the government from negotiating with pharmaceutical companies to obtain lower prescription drug prices for Medicare recipients.
The Protecting Drug Innovation Act, sponsored by Sens. James Lankford of Oklahoma, Marco Rubio of Florida, Mike Lee of Utah, and Cynthia Lummis of Wyoming, would repeal a provision of the recently passed Inflation Reduction Act, signed into law by President Joe Biden on Aug. 16, that gives the Centers for Medicare and Medicaid Services the power to negotiate.
A press release from Lankford’s office states, “The bill would roll back the federal government’s authority to set and control drug prices covered by Medicare.” It quotes Lee as saying: “Price controls never work. Instead, they exacerbate the problems they seek to resolve. Mandating fixed prescription drug prices will ultimately result in the shortening of American lives.”
All three senators are up for reelection in the November 2022 midterms. Rubio is being challenged by Democratic Florida Rep. Val Demings, Lee by independent candidate Evan McMullin, and Lankford by Democratic candidate Madison Horn.
According to the Centers for Medicare and Medicaid Services, as of 2021 more than 63 million Americans are currently enrolled in the Medicare program.
The Inflation Reduction Act faced unified opposition from Republicans in both houses of Congress and passed with only votes from Democrats. Vice President Kamala Harris cast the tiebreaking vote for the bill in the Senate.
The law contains several provisions designed to lower the cost of prescription drugs for Medicare recipients.