Instead, the Administration has put forth a package that addresses relatively narrow issues in Part B while completely ignoring the rapid growth in the Part D program.
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This will likely have only a modest impact on overall Medicare spending and will do next to nothing to force drug companies to limit growth in the cost of their drugs.
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Moreover, changes to Part B could shift more costs onto seniors and in some cases may jeopardize access to chemotherapy for cancer patients.
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A better way to address growth in Part B drug prices would be to follow a recommendations by the nonpartisan Medicare Payment Advisory Commission (MedPAC) to require drug manufacturers to provide rebates to Medicare when the price of their drug increases faster than inflation.
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This has been calculated to save $1.4 billion annually by the Office of Inspector General at the Department of Health and Human Services. I have introduced H.R. 5150, the Protecting Medicare from Excessive Price Increases Act, which would establish such a program in Part B.
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