CHAIRMAN BISHOP WORKS TO LOWER PRESCRIPTION DRUG PRICES

December 12, 2019
Press Release

WASHINGTON, DC – Today, Congressman Sanford D. Bishop, Jr. (GA-02), Chairman of the U.S. House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, released a statement following the passage of H.R. 3, the Lower Drug Costs Now Act, which passed the House of Representatives by a vote of 230 to 192:

"The current prices of prescription drugs for Americans are outrageous. Companies have raised prices for prescriptions for Americans to three, four, and even ten times higher than the prices in other countries—even though their overseas prices still produce a profit. It is despicable that companies would take advantage of people with cancer and chronic illnesses simply because these medications are not optional for them.

"To add insult to injury, drug companies are not using these high prices to fund research and innovation for new medicine and cures. Higher prices in America are purely for lining their already well-lined pockets.

"Bottom line, Americans should not be held hostage by companies for life-saving medication and I am proud to support legislation that will help citizens get the medicine they need to live."

What H.R. 3 Does

  • Lowers prices for both Medicare recipients and people enrolled in private insurance
  • Establishes a fair price drug negotiation program to reduce the cost of certain high-priced drugs that do not have competition
  • Adds Medicare Part B dental, hearing, and vision coverage for the first time
  • Creates a new $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries and uses the cost savings to invest in research for new cures and treatments
  • Makes a number of additional investments in Medicare that will lower beneficiary out-of-pocket costs
  • Boosts funding for biomedical research at the National Institutes of Health (NIH) investing over $10 billion with the goal of accelerating the search for the next big scientific breakthrough
  • Invests $10 billion of direct funds in Community Health Centers

How Georgians Are Affected

  • Lowers prescription drug costs for 92,193 Medicare recipients and 341,123 private insurance recipients, for a total of 433,316 people
  • About 92% of Georgia Medicare beneficiaries (118,400 people) stand to gain from adding a dental benefit
  • About 76% of Georgia Medicare beneficiaries (98,200 people) stand to gain from adding a vision benefit
  • About 87% of Georgia Medicare beneficiaries (111,100 people) stand to gain from adding a hearing benefit
  • Leukemia: Can save 71% on the medication Tasigna per year
    • In 2019, an estimated 1,800 people in Georgia are or will be diagnosed with leukemia
  • Breast Cancer: Can save 65% on the medication Ibrance per year
    • In 2019, an estimated 8,000 women in Georgia are or will be diagnosed with breast cancer
  • Prostate Cancer: Can save 66% on the medication Zytiga
    • In 2019, an estimated 5,400 people in Georgia are or will be diagnosed with prostate cancer
  • Arthritis: Can save 75% on common drugs per year
    • 2.45 million Georgians have arthritis
  • Diabetes: Can help the 948,549 Georgians with diabetes spend 3.5 times less on insulin
    • Georgia residents currently spend anywhere from $1,200 to $20,000 on insulin
  • Asthma: Can save 82% on drugs per year
    • 663,053 Georgia residents live with asthma
  • HIV/AIDS: Can save 60% on drugs per year
    • In 2016, 51,350 Georgia residents were living with HIV

Additional background on H.R. 3, the Lower Drug Costs Now Act, is available here.

Issues:Healthcare