Pres. Trump again failed to call for basic reforms that meaningfully cut prescription drug prices, e.g. allowing seniors to import lower cost medications from Canada or to allow Medicare to directly negotiate w/drug manufacturers, despite his repeated campaign promises to do so.
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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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