TL/DR –
The Congressional Budget Office (CBO) has released a report on President Trump’s Big Ugly Bill, which criticizes a provision that will increase prescription drug prices for senior citizens. The hidden provision of the bill is set to provide a $8.8 billion deal to pharmaceutical companies, at the expense of seniors, by hindering Medicare’s ability to negotiate for lower drug prices. The CBO estimates that this provision will cost taxpayers $8.8 billion to $10.9 billion over the next decade, an increase from their previous estimate of $4.9 billion.
“`html
Democratic Leaders Criticize Trump’s Bill for Increasing Drug Prices for Seniors
Leading Democrats from the Health Committee have voiced their concern over the impact of President Trump’s legislation, known as the Big Ugly Bill, on prescription drug costs for seniors. A new report from the independent Congressional Budget Office (CBO) indicates that a provision within the bill could cause a significant increase in these prices.
Statements from the Democrats
The senior members of the Senate Finance Committee, House Energy and Commerce Committee, and House Ways and Means Committee, namely Ron Wyden, Frank Pallone, Jr., and Richard E. Neal issued a collective statement regarding the issue.
Their statement highlighted the fact that a hidden provision within President Trump’s Big Ugly Bill could provide a massive $8.8 billion deal to pharmaceutical companies, thereby directly impacting seniors. The provision, they argued, is a hidden policy that will undermine attempts to reduce drug costs for the foreseeable future. According to the CBO, it also prevents Medicare from negotiating the price of certain drugs, including cancer treatments like Keytruda, Opdivo, and Darzalex, which are commonly used by seniors.
The statement went on to criticise the Trump administration for its deception in maintaining drug prices, thereby negatively affecting patients nationwide. It concluded by calling on Republicans to prioritise citizens over corporate profits and work alongside Democrats to reduce healthcare costs.
The Impact of the Big Ugly Bill
Since the inception of Medicare Part D in 2003, Republicans had included a clause preventing the program from negotiating drug prices for seniors. Consequently, seniors and taxpayers have had to comply with the prices set by pharmaceutical giants for nearly two decades. The Democrats put an end to this by empowering Medicare to negotiate lower prescription drug prices through the Inflation Reduction Act. However, the Republicans have inserted a clause in their Big Ugly Bill that weakens Medicare’s ability to negotiate the price of certain “orphan drug designation” drugs.
The CBO estimates that this provision will cost taxpayers between $8.8 billion and $10.9 billion over the next decade, a significant increase from their original estimate of $4.9 billion. This consequently means that drug prices will continue to escalate for America’s seniors.
The CBO’s analysis can be found HERE.
“`
—
Read More US Economic News