STATEMENT: CONGRESS MUST BEAT BIG PHARMA, SEIZE HISTORIC OPPORTUNITY TO LOWER PRESCRIPTION DRUG COSTS

FOR IMMEDIATE RELEASE 
July 20th, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: CONGRESS MUST BEAT BIG PHARMA, SEIZE HISTORIC OPPORTUNITY TO LOWER PRESCRIPTION DRUG COSTS

WASHINGTON, D.C – For more than 30 years, Democrats have tried to lower prescription drug costs by allowing Medicare to negotiate drug prices. But every time, special interests and the Big Pharma lobby have stopped progress in its tracks.

None of those attempts succeeded. Big Pharma lobbyists won – and Americans continued paying more for prescription drugs.

Today, President Biden and Congress are on the cusp of scoring a major victory over special interests and Big Pharma, delivering on a 30-year struggle to lower prescription drug costs and save Americans billions.

Under a plan to negotiate the price of high-cost prescription drugs, the federal government would save $288 billion over 10 years. The plan would also cap out-of-pocket costs for Part D prescription plan members at $2,000 per year and levy penalties on drugmakers that increase prices more than the rate of inflation.

Invest in America’s senior adviser Zac Petkanas issued the following statement:

“This reconciliation package would be a historic victory over special interests and the lobbyists at Big Pharma who have kept prescription drug prices sky high for decades to pad their bonuses. While everyday Americans paid through the nose for their medications, Big Pharma kept charging more and more.

“It is time Congress put Big Pharma on notice – their corporate bonuses are not more important than affordable medication. We urge the Senate to use reconciliation to pass President Biden’s plan allowing Medicare to negotiate for prescription drugs and extend the ACA subsidies that help millions afford health care coverage. Pass this bill before August recess.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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