Ranking Member Scott Releases Report on Democrats’ Plans to Raise Drug Prices
WASHINGTON – U.S. Senate Special Committee on Aging Ranking Member Tim Scott (R-S.C.) this week released a report titled “Putting Patients First: Innovative Solutions for Prescription Drugs and Older Americans.” The report examines how government-mandated drug prices would stifle medical innovation and restrict access to lifesaving drugs for many consumers.
“From curing rare diseases to increasing lifespans by many years, recent medical advancements have been nothing short of miraculous for seniors and other at-risk populations,” said Ranking Member Scott. “Handing over drug pricing to the federal government would halt that positive momentum and put lifesaving medications further out of reach for too many Americans.”
Government-mandated drug pricing is a core component of the Democrats’ $3.5 trillion tax-and-spend plan through its inclusion of H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act. Senator Scott’s “Putting Patients First” report reveals that the consequences of H.R. 3 and price controls could cost trillions in economic growth, a 50 to 90 percent decline in development of new medicines, and an almost 50 percent decline in access to new medicines.
The report outlines alternative methods of increasing innovation and ensuring older Americans have more access to medications at lower prices, including:
- Allowing seniors to have lower out-of-pocket costs for Medicare drugs;
- Expanding choices for older Americans through Medicare Part D;
- Supporting fair insulin prices in Medicare; and
- Increasing individualized care like value-based arrangements.
These policies will help older Americans find affordable treatments that meet their needs while maintaining the market dynamism that makes new medicine available in the first place.
Click HERE to view the full report.