Allow Medicare to Negotiate with Drug Companies
About the Problem
Prescription drug costs under Medicare Part D are not subject to price negotiations as under Medicaid and the Department of Veteran’s Affairs. As a consequence, drug costs are often 20 to 30% higher under Medicare.
The Medicare Hospital Insurance Trust Fund will be unable to pay full benefits beginning in 2030, limiting heath care access for its 55 million beneficiaries. We must find ways to secure the program.
About the Policy
Congress should pass a law allowing Medicare to negotiate the price it pays for medicines (i.e. competitive bidding). According to the advocacy group Public Citizen, the government could save $16 billion per year if Medicare Part D drug prices were negotiated.
Polling data derived from three national surveys conducted by Cohen Research Group in February and March 2016. Each survey had a sample size of at least 1,000 registered voters with a margin of error of +/- 3.1%
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