How Do 2020 Candidates Plan to Tackle Prescription Costs?
Contact your Representatives to hear their plan to lower prescription costs!
by Future Majority | 10.9.19
As the 2020 race shapes-up, presidential candidates have started announcing their plans to tackle prescription drug prices. Here’s a breakdown of some of the recent proposals by presidential candidates:
- Boost government investment in drug research and manufacturing
- More transparency on pricing.
- Government is empowered to negotiate prices and if companies refuse to negotiate or don’t reach an agreement, they must pay a 65% tax on gross sales of the drug.
- Monthly out-of-pocket drug costs capped at $200 for seniors and $250 for public option enrollees.
- Limit price increases for all brand-name, biotech and “abusively priced” generic drugs to inflation and allow consumers to buy prescription drugs from other countries.
- Terminating pharmaceutical corporations’ tax breaks for advertisement spending.
- Improving the supply of quality generics.
- Enable the government to set lower prices for all prescription drugs and boost competing alternatives.
- Empower the secretary of Health and Human Services to set new top prices for all drugs sold in America based on those used in other developed countries like Germany, Canada, and the UK.
- If Congress is unable to approve legislation that would achieve these goals, use existing powers that both the agency and the president currently have to introduce more competition to the market.
- Allow patients, pharmacists, and wholesalers to buy low-cost prescription drugs from Canada and other industrialized countries with the Affordable and Safe Prescription Drug Importation Act.
- Cut prescription drug prices in half, with the Prescription Drug Price Relief Act, by pegging prices to the median drug price in five major countries: Canada, the United Kingdom, France, Germany, and Japan.
- Create a government-run pharmaceutical manufacturer to mass-produce generic drugs where there’s been a failure in the market or contract an outside company.
- Import cheaper drugs from countries that sell the same medicines and meet strong safety standards.
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