U.S. SENATE — U.S. Senator Martha McSally (R-AZ) today introduced legislation to lower the cost of prescription drugs for Arizonans. Her bill will significantly lower patients’ out-of-pocket expenses by promoting a more competitive and transparent marketplace for prescription drugs.
“I hear constantly from constituents all across Arizona who are overwhelmed by the rising cost of prescription drugs. From seniors who can’t afford their medications to parents struggling to care for a child who suffers from chronic conditions, out-of-pocket drug costs are too high,” McSally said. “Americans should not be paying more than Canadians for drugs developed and made in America, the out-of-pocket costs for seniors must be capped, and big PhRMA must stop exploiting loopholes that allow them to maintain monopolies at the expense of patients and taxpayers. President Trump called on Congress in his State of the Union address to put a bill lowering the cost of prescription drugs on his desk and I am answering that call. I will work with members of the House and Senate on both sides of the aisle to pass bipartisan legislation to address this important issue.”
Click HERE to read the bill text.
Sen. McSally’s bill, the Lowering Prescription Drug Prices for America’s Seniors and Families Act of 2020, will lower the cost of prescription drugs for all Americans through four key provisions:
- Allow Medicare to directly negotiate prices of drugs that are past their original patent expiration but still maintain a monopoly for that drug.
- Permit the safe re-importation of prescription drugs from Canada that meet FDA safety standards.
- Curb the ability of drug companies to abuse the patent system to delay competition and prevent cheaper alternatives from entering the market.
- Cap the out-of-pocket costs for prescription drugs for seniors on Medicare at $3,100 each year.
This legislation also equips providers with real-time benefit tools so seniors on Medicare know what is covered and how much they would have to pay.