Prescription Justice is proud to announce that a statement prepared by PJ President Gabriel Levitt for the U.S. House Ways and Means Committee on “Investing In The U.S. Health System By Lowering Drug Prices, Reducing, Out-of-Pocket Costs and Improving the Medicare Benefit” is now part of the official congressional record.
The Medicare Drug Price Negotiation Act is the type of legislative reform that America needs to reduce our spiraling national prescription drug bill. Here’s why.
Medicare Parts B and D, together representing the nation’s largest prescription drug program, help cover drug costs for approximately 55 million people. While that population represents just a fraction of 1% of the world, their Medicare drug bill in 2014 was $143 billion or just under 15% of the world’s total pharmaceutical market of that year (about $1.06 trillion according to IMS Health). Even at that level of expenditure, millions of older Americans continue struggling to fill their prescriptions.