Crow Helps Pass Transformative Legislation to Lower Drug Costs
The legislation includes Crow’s provision to crack down on pharmaceutical price spikes
WASHINGTON – Congressman Jason Crow voted today to pass historic legislation to lower the costs of prescription drugs for Americans. H.R. 3, the Lower Drug Costs Now Act, would lower prescription drug prices through direct negotiation, and includes Crow’s Freedom from Price Gouging Act which recovers taxpayer dollars from pharmaceutical companies when they try to hike their drug prices to increase their profits. This bipartisan bill passed the House 230-192.
“For too long, we have seen the influence of Big Pharma on this chamber. For every member of Congress, there are three industry lobbyists looking to buy their vote. Meanwhile back home in Colorado, one in three of my constituents can’t afford to pay for their medication,” said Congressman Jason Crow. "I’m proud to have helped introduce a provision to the Lower Drug Costs Now Act that would prevent Big Pharma from raising the cost of prescription drugs past the rate of inflation. The time is now to deliver on our promise to reduce the cost of prescription drugs.”
Congressman Crow has made increasing access to affordable, high-quality healthcare a top priority. In his first year in Congress, Crow has toured multiple community health centers and district hospitals, hosted a roundtable with seniors focused on lowering the cost of prescription drugs, and is a co-sponsor of Medicare-X Choice Act which would allow consumers the option to buy into Medicare as a health insurance option.
The Lower Drug Costs Now Act levels the playing field for American patients and taxpayers:
- Gives Medicare the power to negotiate directly with the drug companies, and creates powerful new tools to force drug companies to the table to agree to real price reductions, while ensuring seniors never lose access to the prescriptions they need.
- Makes the lower drug prices negotiated by Medicare available to Americans with private insurance, not just Medicare beneficiaries.
- Stops drug companies ripping off Americans while charging other countries less for the same drugs, limiting the maximum price for any negotiated drug to be in line with the average price in countries like ours, where drug companies charge less for the same drugs – and admit they still make a profit.
- Creates a new, $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries, and reverses years of unfair price hikes above inflation across thousands of drugs in Medicare.
- Reinvests the hundreds of billions of dollars in savings in the most transformational improvement to Medicare since its creation – delivering vision, dental and hearing benefits – and turbocharging the search for new cures.
I rise today in support of H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act.
For too long, we have seen the influence of Big Pharma on this chamber. For every member of Congress, there are three industry lobbyists looking to buy their vote. Meanwhile back home in Colorado, one in three of my constituents can’t afford to pay for their medication.
It needs to stop.
I’m proud to have helped introduce a provision to H.R. 3 that would prevent Big Pharma from raising the cost of prescription drugs past the rate of inflation.
I stand here today for the 300,000 Coloradans with diabetes who will save 75 percent on their insulin.
I stand here today for the 400,000 Coloradans with asthma who will save 80 percent on their prescriptions.
And tomorrow I will cast my vote for Sue Way of Aurora who, after seeing her insulin increase by 500 percent, was forced to ration her medicine resulting in an ulcer. Her story is the story of so many Coloradans.
The time is now to deliver on our promise to reduce the cost of prescription drugs.
Thank you, Mr. Speaker. I yield back.