CAPITOL HILL –U.S. Senator Kirsten Gillibrand of New York, the top-ranking Democrat on the Senate Aging Committee, held a virtual press conference on Thursday, June 5 to discuss the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act, legislation to reduce the cost of prescription drugs for seniors. The bill (S.1836), which Senator Amy Klobuchar (D-MN) sponsored, has 26 Democrat and Independent co-sponsors, among them Sen. Gillibrand.
The SMART Prices Act would lower the cost of some of the most expensive and commonly used prescription medications by enhancing the Department of Health and Human Services’ ability to negotiate directly with pharmaceutical companies on the price of certain prescription drugs covered under Medicare Part D. According to Sen. Gillibrand, this will lower costs for people with Medicare while simultaneously reducing drug spending by the federal government. It would also reduce the length of time that it takes for new drugs and biologics to become eligible for negotiation after receiving FDA approval.
“Even with Medicare, the cost of prescription drugs can be astronomical; as a result, many seniors are forced to skip doses, cut pills in half, or otherwise alter their treatment in an attempt to save money. That is unacceptable,” said Senator Gillibrand.
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