AS MORE COMPANIES ACQUIRE THE RIGHTS TO EXISTING PRESCRIPTION DRUGS THEN HIKE UP THE PRICE OVERNIGHT, BROWN UNVEILS PLAN TO LOWER COSTS FOR SENIORS IN TOLEDO
Prescription Drug Spending Increased 13 Percent Last Year – The Largest Annual Increase Since 2003
Standing with a Lucas County Senior Who’s Struggling with Increasing Drug Costs, Brown Discussed How His Bill Would Help Save Taxpayer Dollars, Cut Costs for Seniors Currently Enrolled in Medicare Part D
A New York Times Report Found Valeant Pharmaceuticals Raised the Out-of-Pocket Cost of a Life-Saving Drug for Medicare Beneficiaries from $366 per Month to $1,800 per Month– Costing Taxpayer-Funded Medicare $35,000 per Month per Patient
TOLEDO, OH – As more companies buy the rights to old, existing drugs then raise prices overnight, U.S. Sen. Sherrod Brown (D-OH) unveiled a plan to save taxpayer dollars and lower costs for seniors. Prescription drug spending increased 13 percent last year overall – the largest annual increase since 2003.
“Seniors on Medicare face skyrocketing bills for lifesaving drugs that they can’t afford and some insurance companies have stopped covering their drugs altogether,” Brown said. “This isn’t right, and it must stop. That’s why I helped introduce the Medicare Prescription Drug Savings and Choice Act. Giving Medicare the authority to negotiate with pharmaceutical companies will help seniors get the best prices for these critical prescription drugs. Seniors should be able to get drug coverage directly through Medicare – not be forced to buy from a middle man.”
During a press conference at Mercy St. Vincent Hospital today, Brown was joined by Don Wonnell, a Northwest Ohio senior whose wife Gail is struggling with the increasing cost of prescription drugs, and Dr. Curt Black, professor emeritus of clinical pharmacy at the University of Toledo College of Pharmacy and Pharmaceutical Sciences, and President of the Ohio Pharmacists Foundation, who discussed how Brown’s legislation would help keep costs under control.
A recent report from the New York Times found that Valeant Pharmaceuticals raised the cost of Cuprimine, a life-saving drug, more than four-fold. Cuprimine, which just a few months ago cost Medicare beneficiaries about $366 per month, now costs them $1,800 per month, and taxpayer-funded Medicare now pays about $35,000 per month per patient. Earlier this week, federal prosecutors opened an investigation into Valeant’s drug pricing and distribution.
Brown outlined legislation to help rein in costs by allowing Medicare to negotiate the best prescription medication prices, lowering drug prices for seniors enrolled in Medicare prescription drug coverage. The Medicare Prescription Drug Savings and Choice Act would help keep costs down for Americans enrolled in Medicare Part D by requiring the Secretary of the U.S. Department of Health and Human Services (HHS) to negotiate the best prescription medication prices for seniors.
Current law only allows for bargaining by pharmaceutical companies and bans Medicare from doing so. The bill would require the HHS Secretary to directly negotiate with drug companies for price discounts for the Medicare Prescription Drug Program, eliminating the “non-interference” clause that expressly bans Medicare from negotiating for the best possible prices even though the government can often negotiate bigger discounts than private insurance companies.
