King Introduces Legislation to Fast Track Drug Price Negotiation, Lower Costs for Older Maine People

April 25, 2023
WASHINGTON,D.C.– U.S. Senator Angus King is introducing legislation to save taxpayers money on the drugs Medicare purchases for older Maine people by expanding Medicare’s ability to negotiate drug prices. Last year, Senator King worked to pass theInflation Reduction Actthat empowered Medicare to negotiate prescription drug prices for the first time. TheStrengthening Medicare and Reducing Taxpayer (SMART) Prices Act, would allow the Department of Health and Human Services (DHHS) to begin negotiations one year earlier than under current law and increase the number of drugs that HHS can negotiate starting in 2028.
“The rising cost of prescription medication continues to be one of the most pressing issues facing Maine people,”Senator King said.“Whether it’s a retiree on a fixed income, or a working family trying to make ends meet, these prices pose a serious challenge for people across our state. Last year, my colleagues and I passed theInflation Reduction Actto allow Medicare to negotiate lower drug prices on behalf of our older Maine people, and use those savings to deliver new Medicare benefits like the cap on out-of-pocket drug costs. TheSMART Prices Actis the next step to expand these long-overdue negotiations and their significant savings. These commonsense changes will help Maine people stay healthy and save even more taxpayer dollars.”
TheStrengthening Medicare and Reducing Taxpayer (SMART) Prices Actwould:
TheSMART Prices Actis cosponsored by Senators Amy Klobuchar (D-MN), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Sherrod Brown (D-OH), Maria Cantwell (D-WA), Ben Cardin (D-MD), Catherine Cortez Masto (D-NV), Dick Durbin (D-IL), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), Jeff Merkley (D-OR), Patty Murray (D-WA), Jack Reed (D-RI), Jeanne Shaheen (D-NH), Tina Smith (D-MN), Debbie Stabenow (D-MI), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI).
The legislation is endorsed by the Center for American Progress, Families USA, Lower Drug Prices Now, National Multiple Sclerosis Society,  Patients For Affordable Drugs, Protect Our Care, and Public Citizen.
Representing one of the oldest states in the country, Senator King has consistently worked to address the issues facing Maine seniors. In the American Rescue Plan, whichKing secured $10 billion in broadband fundingto help more Maine seniors access life-saving services like tele-health. The legislation also contained fundingto lower the costs of healthcare. Building on this success, Senator King worked on the Bipartisan Infrastructure Bill, whichcontained another $65 billion dollarbroadband investment that mirrored the Senator’sBRIDGE Act. Senator King has also worked toincrease prescription drug price transparency,expand tele-health services, and expand homecare services for seniors andveterans.