Rep. Craig Supports Bill to Lower Drug Prices for More Americans; Hold Big Pharma Accountable for Price Gouging
WASHINGTON, DC – U.S. Representative Angie Craig today announced legislation that would lower prescription drug prices for Americans and hold pharmaceutical companies accountable for price gouging consumers.
The Lowering Drug Costs for American Families Act would build on her work on the Inflation Reduction Act (IRA) to lower prescription drug prices for America’s seniors by expanding price negotiations so that more Americans can afford their medication.
Specifically, the bill would:
- Extend the historic drug price negotiation program enacted through the IRA to all Americans with private insurance;
- Stop drug companies from raising prices faster than inflation by ensuring that the inflation rebates enacted under the IRA also apply to individuals covered by private health plans;
- Strengthen the drug price negotiation program to deliver more savings to the American people by increasing the annual number of prescription drugs selected for negotiation from 20 to 50.
The Lowering Drug Costs for American Families Act was originally introduced by Reps. Frank Pallone, Jr. (NJ-06), Richard E. Neal (MA-01) and Robert C. “Bobby” Scott (VA-03).
“Since day one, lowering health care costs for Minnesotans has been one of my top priorities in Congress – and that starts with lowering the price of prescription drugs,” said Rep. Craig. “We made major strides in the Inflation Reduction Act to cap the price of prescription drugs for seniors, but we now must expand these cost savings to every American. I’m proud to support this legislation to build on the progress we made through IRA and hold Big Pharma accountable for price gouging hardworking Minnesotans.”
Since entering Congress, Rep. Craig has been a leader in the fight to lower prescription drug prices. Last month, Rep. Craig introduced her Affordable Insulin Now Act, which would build on her work to make insulin more affordable by capping the price of insulin for Americans with private insurance. In 2022, the provision of Rep. Craig’s bill that capped insulin copays at $35/month for Medicare recipients was signed into law as part of the IRA.
Last Congress, Rep. Craig also introduced the Emergency Access to Insulin Act to help Americans without health insurance afford insulin. This bill would expand emergency insulin access, lower costs for those without health insurance and take additional steps to hold drug companies accountable for price gouging Americans.
During IRA negotiations, Rep. Craig stood with House progressives, refusing to support the bill until it included provisions to allow Medicare to negotiate drug prices. Rep. Craig also cosponsored the Lowering Drug Costs for American Families Act last Congress.
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