Press Releases

In Case You Missed It – Multiple news outlets are reporting that just days into the New Year, big drug companies have already begun raising prices on American consumers. That’s why last year, U.S. Representative Matt Cartwright (PA-08) co-sponsored and worked to pass the Lower Drug Costs Now Act (H.R. 3), landmark legislation that would give Medicare the power to negotiate with drug companies to secure lower prices for Medicare beneficiaries and Americans with private insurance.

• CBS News: “Three days into the new year, drugmakers have already increased the list prices on hundreds of medications, with experts predicting more hikes in the weeks to come. So far in 2020, prices on 411 drugs have increased an average of 5%, according to GoodRx, which tracks the cost of more than 3,500 drugs.”
• Reuters: “More drugmakers hike U.S. prices as new year begins”
• CNBC: “Bristol-Myers, Gilead, and Biogen hike US drug prices as the new year begins”

“Big drug companies rang in the New Year again by hiking the prices of hundreds of drugs, making it more and more difficult for Americans to afford lifesaving medications,” said Rep. Cartwright. “We passed the Lower Drug Costs Now Act because we have to put an end to these companies’ price-gouging practices.”

The Lower Drug Costs Now Act passed the House in December and is now stalled in the Senate. If passed, this legislation would:

• Give Medicare the power to negotiate directly with the drug companies to bring down prices and create powerful new tools to bring drug companies to the table to agree to real price reductions.
• Make the lower drug prices negotiated by Medicare available to Americans with private insurance, in addition to Medicare beneficiaries.
• Stop drug companies from ripping off Americans while charging other countries less for the same drugs by limiting the maximum price for any negotiated drug.
• Create a new $2,000 out-of-pocket limit on prescription drug costs for people on Medicare.

Independent experts found the Lower Drug Costs Now Act would save taxpayers approximately $500 billion over 10 years. Those savings would be reinvested into:

• Expanding Medicare benefits to cover things like dental, vision and hearing,
• Combatting the opioid epidemic, and
• Researching new cures and treatments.

In Pennsylvania, there are 2.1 million people enrolled in a Medicare Part D plan and 7.4 million people enrolled in private health insurance – all of whom stand to benefit from the Lower Drug Costs Now Act.

More information on H.R. 3 can be found here.