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.