The Senate Finance Committee on Tuesday unveiled a sweeping legislative package to address high prescription drug prices with an eye toward bringing it up for a full Senate vote by the fall.
The Congressional Budget Office estimates that the draft's restructuring of the Medicare Part D prescription drug benefit and Wyden's provision, which would require drugmakers to pay rebates to Medicare if they hike prices over inflation, would lower government spending by $85 billion over 10 years. The Wyden language alone accounts for $50 billion of savings. It would pertain only to brand-name drugs and not generics, Grassley's office said.
Another provision would cap seniors' out-of-pocket spending in Medicare Part D and shift more of the payments for the catastrophic phase — when prescription drugs cost patients thousands — to health plans and drugmakers rather than the government. The committee plans to mark up the package Thursday. However, the legislation could still face significant push back from Republicans and Democrats. Several Finance Committee Republicans in recent weeks worried that Wyden's provision amounted to excessive government meddling into the prescription drug market. Some likened the move to price controls.