Hickenlooper, Colleagues Introduce Bill to Lower Drug Costs, Hold Big Pharma Accountable for Price Hikes

Bill would extend popular program Americans on Medicare receive to people with private insurance
WASHINGTON –
U.S. Senator John Hickenlooper joined 11 of his Senate colleagues to introduce the
Lower Drug Costs for Families Act
, which would help lower the cost of prescription drugs and hold pharmaceutical companies accountable for raising prices above the rate of inflation.
“The
Inflation Reduction Act
lowers prescription drug prices for millions of Americans on Medicare,”
said Hickenlooper.
“Our bill will deliver those same savings to Americans with private insurance.”
The
Inflation Reduction Act
, which Hickenlooper helped pass, requires drug companies to pay a penalty if they raise their prices above the inflation rate for drugs covered by Medicare. The
Lower Drugs Costs For Families Act
would extend that inflation-based rebate model for prescription drug price increases to the commercial market.
The bill is endorsed by the AFL-CIO, the American Federation of Teachers, Patients for Affordable Drugs Now, and the United Mine Workers of America.
Full text of the legislation available
HERE
.
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