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House Ways & Means Hearing on HR 3: Lower Drug Costs Now Act

Wednesday, October 23, 2019   (0 Comments)
Posted by: TCAA Staff
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On October 17th, the House Ways & Means Committee held a hearing entitled “Investing in the U.S. Health System by Lowering Drug Prices, Reducing Out-of-Pocket Costs, and Improving Medicare Benefits.” The focus of the hearing was H.R. 3, the “Lower Drug Costs Now Act of 2019,” an out-of-pocket spending cap, negotiation of drug prices, and the potential risks to research, development, and innovation as well as the reinvestment of the savings into additional Medicare benefits.

 

The conversation appeared very partisan as Democrats were in favor of H.R. 3 to drive down prescription drug prices while Republicans voiced concerns that cutting into pharmaceutical company profits would cut into research and development. Witnesses stated pharmaceutical company profits  are tied to their investments in research and development. Democrats further argued pharmaceutical companies spend billions of dollars on advertising and executive bonuses, so they will not be impacted although this is the argument made by Republicans. Witnesses did agree that the uncertainty of drugs chosen for negotiation poses the biggest threat to innovation.

 

Click here for the full report from Winning Strategies Washington.

 


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