Landsman Introduces Bipartisan Legislation to Lower Prescription Drug Costs and Save Seniors Millions

<p><strong><em>Cincinnati, OH</em></strong><em>&nbsp;– Today, Congressman Greg Landsman (D-OH-01) and Congresswoman Diana Harshbarger (R-TN-01) introduced bipartisan legislation to help lower prescription drug costs for millions of seniors.</em></p>

<p>Congressman Landsman and Congresswoman Harshbarger introduced the bipartisan <em>Saving Seniors Money on Prescriptions Act</em> – legislation to help lower the costs of prescription drugs for seniors covered by Medicare Part D and Medicare Advantage plans by increasing oversight of Pharmacy Benefit Managers.</p>

<p>The&nbsp;<em>Saving Seniors Money on Prescriptions Act</em>&nbsp;requires Pharmacy Benefit Managers (PBMs) – third-party companies that conduct prescription drug negotiations between the manufacturers with insurance companies – to report the cost savings they achieve. Current federal law does not require PBMs to report these savings.</p>

<p>The <em>Saving Seniors Money on Prescriptions Act </em>will be referred to the House Committee on Energy and Commerce.</p>

<p><strong>Congressman Landsman:</strong></p>

<p>“As a member of the Energy and Commerce Committee, I’ll do everything I can to get this done. It’s time to rein in these PBMs and their role in negotiating prescription drug deals for seniors. They shouldn’t be outpricing folks on life-saving medications for their own benefit. Our bipartisan bill will bring more transparency and save seniors millions of dollars.”</p>

<p><strong>Congresswoman Harshbarger:</strong></p>

<p>“Countless seniors in Tennessee and across the country face challenges with high out-of-pocket prescription drug costs, and they should not be victims of PBMs’ outrageous predatory price gouging on life-saving medicines. This bill will force PBMs to step into the sunlight by reporting the cost savings they achieve, providing much-needed transparency and accountability. We must do everything we can to rein in these shadowy, self-dealing middlemen, and this bill is a crucial step in that direction.”</p>

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