Gallego Backs Bill to Lower Drug Costs and Hold Big Pharma Accountable for Price Hikes

WASHINGTON – Senator Ruben Gallego (D-AZ)backed theLower Drug Costs for Families Actto make prescription drugs more affordable, hold Big Pharma accountable, and reduce the national deficit by billions of dollars. The bill, which Senator Gallegoalso championed in the House, would punish drug companies for raising prescription drug prices in the commercial market faster than inflation.
“No Arizonan should have to choose between life-saving medication and putting food on the table,”said Senator Gallego.“For years, Big Pharma has been getting away with jacking up prices far beyond inflation, forcing families to cut pills, skip doses, or go without care altogether. We took a major step forward with theInflation Reduction Actto lower drug costs for seniors, but it’s time to expand those protections to all Arizonans. This bill makes sure every Arizonan, no matter their insurance, is protected from prescription price gouging.”
The legislation builds on the success of the Gallego-backedInflation Reduction Act, which lowered drug prices for seniors on Medicare. TheLower Drug Costs for Families Actwould extend these protections to all Americans, including those with private insurance and employer-sponsored plans.
Under current law, drug companies only have to pay back money if they raise their prices faster than inflation on drugs covered by Medicare. TheLower Drug Costs for Families Actwould close this loophole by:
The legislation was introduced bySenators Catherine Cortez Masto (D-NV)andAmy Klobuchar (D-MN)and endorsed by the AFL-CIO, the American Federation of Teachers, Patients for Affordable Drugs Now, and the United Mine Workers of America.
Read the full text of the billHERE.
Senator Gallego has long been a champion of lowering prescription drug costs and holding Big Pharma accountable. In the House, heintroduced the same legislationto fine drug companies that hike prices faster than inflation, introduced a package of bills tohold pharmacy benefit managers (PBMs) accountable, and backed thePromoting Access to Treatments and Increasing Extremely Needed Transparency (PATIENT) Actto make drug pricing more transparent.