Rooney, Welch introduce bill to provide transparency to drug prices for seniors
Washington, D.C.- Today, Congressman Francis Rooney and Congressman Peter Welch (D-Vt.) introduced the Drug Price Transparency Act to lower prescription medication prices for seniors.
Congressman Rooney stated, “Skyrocketing drug prices are an unacceptable burden for our senior citizens. Americans pay much more for prescription drugs than seniors in other developed countries. In fact, beneficiaries of Medicare Parts B and D are often unfairly burdened for 20% of the cost of some of their most expensive medications.
“It is long past time to right this wrong. I introduced the Drug Price Transparency Act to allow the Department of Health and Human Services to study the feasibility of linking Medicare Part B and D drug prices to the average price of such drugs in other Organization for Economic Co-operation and Development (OECD) countries, where the same drugs are often cheaper than in the United States. This is a good first step to publicly showing Americans how greatly we overpay for the same drugs in other developed countries.”
“Skyrocketing drug prices are crushing hardworking Americans and preventing sick patients from accessing breakthrough medicines,” said Congressman Welch. “This bipartisan legislation will expose pharmaceutical price gouging in this country so we can fix a broken market and reform the way lifesaving drugs are bought and sold.”