Washington, D.C. — Today, Senate Finance Committee Chair Ron Wyden released “principles of reform” to provide a framework for comprehensive legislation to reduce drug prices. The principles include strong measures, including giving Medicare the power to negotiate for lower drug prices. In response, Protect Our Care Chair Leslie Dach issued the following statement:
“We commend Finance Chairman Ron Wyden for his leadership and dedication to lowering drug prices for all Americans. The principles released today are a strong foundation and an important step forward. Americans are paying far too much for prescription drugs, and these principles provide a pathway to a real and meaningful solution.
“The Finance Committee principles would give Medicare the power to negotiate for lower prices and the teeth to bring PhRMA to the negotiating table and keep them there, and make those prices available to as many Americans as possible. While there are many important details to be worked through, if enacted into law, these principles would address launch prices, reduce out-of-pocket costs for seniors, and limit price increases to the rate of inflation for drugs that have been on the market for years.
“It’s time to put an end to the greed of big drug companies. Americans should not have to pay three times more for the same medicines as people in other countries, and they shouldn’t have to choose between paying for the drugs they need to stay alive and paying for housing or food. Today’s announcement from the Senate Finance Committee, coupled with the introduction of H.R. 3 and the leadership of Speaker Pelosi in the House and President Biden’s vocal support, provides real momentum to finally bring down drug prices.”