Today House Speaker Nancy Pelosi released the drug pricing bill, H.R. 3 – The Lower Drug Costs Now Act. Congressman Waxman released this statement in support of the bill:

“While in Congress, I marshalled several pieces of legislation (the Hatch-Waxman Act, the Orphan Drug Act and the Affordable Care Act) that increased access to prescription drugs for millions of Americans while balancing drug innovation with price competition. Yet, in recent years, drug prices have skyrocketed, leaving too many unable to afford them. While other countries negotiate directly with drug companies, we don’t and Americans pay the price, shelling out 2-3 times what people in other countries pay. The pharmaceutical marketplace is broken and it’s time we fix it.

H.R. 3 – The Lower Drug Costs Now Act will level the playing field for patients and taxpayers, allowing Medicare to negotiate on our behalf. It equips the HHS Secretary with the mandate, the authority, and several tools for successful drug negotiation that achieves savings for all Americans.

I fully support the bill and hope Congress will move swiftly to pass it.”

At Waxman Strategies, we strive to build on Congressman Waxman’s legacy and longtime commitment to finding balance between innovation and competition, while assuring affordable drugs are available to patients. Our 2017 report, Getting to the Root of High Prescription Drug Prices: Drivers and Potential Solutions, looked at the causes of high prescription drug prices and potential solutions to encourage discussion on how to achieve bipartisan action to address them. We are thrilled to see Congress taking steps to tackle this issue.