Sen. Chuck Grassley (R-Iowa) spoke at the Senate Finance Committee hearing about his bipartisan Wyden-Grassley Prescription Drug Pricing Reduction Act (PDPRA) to lower prescription drugs costs. Grassley reiterated his commitment to passing the bipartisan and negotiated PDPRA. You can find Senator Grassley’s prepared remarks below.
Beginning in 2019, as chairman, Senator Grassley held three hearings on lowering the cost of prescription drug prices, a bill mark-up, and conducted numerous bipartisan meetings to advance bipartisan prescription drug deal. PDPRA passed the Senate Finance Committee on a bipartisan vote, 19 to 9. PDPRA lower costs for seniors saving $72 billion, saves taxpayers $95 billion, and is the only comprehensive prescription drug bill that can pass the U.S. Senate with more than 60 votes. You can find additional details about the bipartisan PDPRA by clicking HERE.
Throughout 2021 and 2022, Grassley has spoken about his bipartisan efforts to lower prescription drugs costs with President Biden, Speaker Pelosi, Health and Human Services (HHS) Secretary Becerra, members of the Problem Solvers Caucus Health Care Working Group, rank-and-file members of Congress and White House staff. Since then, Grassley has never stopped working to pass his balanced, bipartisan and comprehensive drug pricing bill.
Mr. Chairman, thank you for holding this drug pricing – the first this Congress.
I am disappointed we are not moving a bipartisan bill that will get 60+ votes in the Senate.
Three years ago, I led an effort to lower drug costs on this committee.
We brought in pharma CEOs, PBM and insurance executives and advocates and experts to discuss the problem and seek solutions.
We introduced bipartisan legislation, marked it up and through last Congress continued making improvements to the bill.
Our bill contained stuff I like and don’t like. But that’s bipartisan legislation.
When first passed the Medicare Modernization Act in 2003, we did it on a bipartisan basis.
Twelve Democrats in the Senate voted for it, including two members currently on this committee.
At the time, this was the first major improvement to the Medicare program in nearly 40 years.
Today, 49 million seniors have prescription drug coverage.
Eighteen years later we have a growing problem: prescription drug affordability.
AARP says brand name drugs are going up more than twice the rate of inflation.
Estimates suggest 3.5 million seniors are having difficulty affording their medications.
A Kaiser report says 50 percent of Part D drugs and 48 percent of Part B drugs had price increase greater than inflation.
At our July 2019 Wyden-Grassley mark-up Senator Wyden said, “Who’s going to come first – patients and taxpayers, or the pharmaceutical giants?”
However, if the majority keeps debating partisan ideas on drug pricing, we will get nowhere.
Then what? Pharma will win. Patients/taxpayers will lose.
I urge my colleagues to work with me to pass Wyden-Grassley.
It caps out-of-pocket expenses at $3,100, eliminates the donut hole, caps rising drug prices in Medicare at the inflation price index – ending uncapped taxpayer-funded subsidies to Big Pharma. It brings more sunshine, accountability, and saves $72 billion for seniors and $95 billion for taxpayers.
Each one of these things is a big deal.
I share my colleagues’ passion to solving high insulin costs.
I’ve investigated insulin makers, PBMs and worked to hold them accountable.
If we want to solve the high cost of insulin, we have to pass comprehensive reforms – like my bill.
Let’s work to advance a bipartisan drug pricing bill that can pass with 60+ votes.
I continue to meet with Democrats/ Republicans to advance Wyden-Grassley.
I’ve met with Speaker Pelosi, members of the Problem Solvers caucus, ten House Democrats who wrote to Speaker Pelosi wanting to pass bipartisan prescription drug pricing legislation, Leader McCarthy, Rep. Welch and Rep. McMorris Rodgers.
I will work with anyone who wants to pass bipartisan Wyden-Grassley bill.
If we want to reduce drug prices then we need to do it now!
Original source can be found here
