Rep. Davids Co-Sponsors Bill to Lower Cost of Prescription Drugs; Save Patients and Taxpayers Billions

Continuing her work to lower health care costs for Kansans, Rep. Sharice Davids today announced her co-sponsorship of the Lower Drug Costs Now Act (H.R. 3). This transformational legislation gives Medicare the power to negotiate with drug companies for lower drug prices, and will make those lower prices available to all Americans, no matter where they get their insurance.

"Too many Kansans are staying up at night worrying about the skyrocketing cost of their prescription drugs," said Davids. "This legislation will lower costs for Kansans and stop drug companies from gouging consumers, while saving patients and taxpayers hundreds of billions of dollars over the next few years. It's time we put people ahead of drug companies, and that's why I'm proud to sign onto this crucial piece of legislation."

Non-partisan analysis from the Congressional Budget Office found that this legislation will save taxpayers $345 billion in Medicare Part D Spending from 2023-2029. The Office of the Actuary found that it will save households $158 billion and private businesses $46 billion from 2020-2029.

H.R. 3:

• Gives Medicare the power to negotiate directly with drug companies for lower drug prices, while ensuring seniors never lose access to the prescriptions they need.
• Makes the lower drug prices available to all Americans, including those with private insurance.
• Stops drug companies from charging Americans double and triple the price for the same medication as people in other countries pay.
• Creates a new, $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries, and stops unfair price hikes for thousands of medications, including insulin.