Rep. Frank Pallone (D-N.J.) speaks during a House Energy and Commerce Committee hearing on Thursday, March 23, 2023 to discuss privacy concerns and safeguarding children on the app.
Democratic House leaders on Wednesday introduced legislation to build on the drug cost lowering provisions included in the Inflation Reduction Act (IRA).
Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ); Ways and Means Committee Ranking Member Richard Neal (D-Mass.); and Education and the Workforce Committee Ranking Member Bobby Scott (D-VA) introduced the Lowering Drug Costs for American Families Act in an effort to further reduce drug prices and “rein in pharmaceutical price gouging.”
The three lawmakers previously worked with Rep. Nancy Pelosi (D-Calif.) in introducing the Elijah E. Cummings Lower Drug Costs Now Act in 2019, which included provisions similar to those that would eventually be included in the IRA.
The Medicare Drug Price Negotiation Program enacted through the IRA is currently facing an onslaught of legal challenges from the pharmaceutical industry and efforts to expand the federal government’s bargaining ability will elicit even strong pushback.
The bill would essentially allow the drug price provisions in the IRA to apply to private insurance plans by amending Title XI of the Social Security Act. These would include the drug price negotiation program and the inflation rebates, which discourages companies from raising prices faster than the rate of inflation.
The number of prescription drugs chosen for price negotiation chosen every year would also be raised from 20 to 50.
If passed, the bill’s provisions would go into effect beginning in 2029.
“This legislation is another step to bringing down the costs of prescription drugs and putting an end to the unconscionable decision to forgo life-saving medication,” Neal said in a statement. “Lowering health care costs is key to finishing the job for the American people, and House Democrats won’t be deterred by Republican threats or Big Pharma’s lawsuits.”
Legislation of this type is all but guaranteed to not advance in a GOP-controlled House, but the introduction on Wednesday may serve as an indicator of what Democrats plan to do if they retake the chamber in 2024.
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