Senators Urge Trump to Resist Big Pharma, Safeguard Medicare
TL/DR –
Senate finance committee members have written a letter to President Trump urging him to resist pressure from pharmaceutical companies to stop Medicare drug price negotiations. The Inflation Reduction Act (IRA) has allowed these negotiations, reducing list prices by up to 79% and potentially saving taxpayers around $100 billion over the next decade. Despite lawsuits from big pharmaceutical companies, the senators urged Trump to reject any requests to pause negotiations, emphasizing that it is beneficial for Medicare.
Trump Warned of Mounting Drug Prices for Seniors due to Pharmaceutical Industry Pressure
Senators Ron Wyden, Elizabeth Warren, and Bernie Sanders urged President Trump to resist pressure from pharmaceutical companies to halt Medicare drug price negotiations. They reminded the President that such action would not align with his record on drug pricing.
Reports suggest that drugmakers are lobbying the Trump administration to pause the negotiations permitted by the Inflation Reduction Act (IRA). Such a move could cause a significant cost increase for over 60 million Medicare beneficiaries.
Since the ratification of the IRA, U.S. list prices for specific drugs have dropped by up to 79%, potentially saving Medicare recipients around $1.5 billion in out-of-pocket expenses by 2026. If the price negotiations continue, taxpayers could potentially save about $100 billion over a decade.
In his first tenure, Trump issued executive orders seeking to ensure Medicare patients received the lowest prices that drug companies offer foreign nations. He also sought to prevent drug manufacturers from colluding with middlemen to maintain high drug prices. His selection to lead the Health and Human Services Department, RFK Jr., has advocated for measures to curb Big Pharma’s excesses.
Despite these efforts, Big Pharma is actively opposing these moves. Several large pharmaceutical firms and trade groups have filed failed lawsuits against the negotiation provisions and continue to do so.
The Senators concluded, “Given your past support for negotiations and efforts to lower prescription drug costs, you should outright reject these requests from Big Pharma… It is working just fine for Medicare, and you can make it work even better.”
The complete letter can be viewed here.
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