Energy and Commerce Chairman Frank Pallone, Jr. (D-NJ) delivered the following remarks on the House Floor tonight during consideration of H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act, which he introduced earlier this year:
Mr. Chair, this week, we will fulfill a promise we made to the American people - to make prescription drugs more affordable.
No American should be forced into choosing between putting food on the table for their family and taking a lifesaving drug, but, all too often, that is exactly what is happening. The American people are getting ripped off because drug companies have a monopoly on their drugs until generics come to market. They can charge Americans whatever they want - and they do.
H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act, finally gives the federal government the ability to negotiate lower prescription drug prices for the American people. Other developed countries negotiate with the pharmaceutical companies, and prices in those countries are four, five, or ten times less for the exact same drugs. This simply isn’t fair, and the American people are rightfully fed up. It is time that we finally level the playing field and empower the federal government to negotiate a better deal.
These negotiations will not only lead to lower prices for consumers, it will also result in significant savings to the federal government. H.R. 3 takes the resulting $500 billion and reinvests it in the American health care system and the search for new cures.
We cap out-of-pocket costs for seniors in the Medicare Part D Program for the first time, giving the seniors the peace of mind of knowing that their drug costs will not bankrupt them or empty their retirement accounts.
We make transformational investments in the Medicare Program - adding for the first time benefits for dental, hearing and vision coverage. These new benefits are going to make a huge difference in the lives of our nation’s seniors.
We invest $12 billion in the search for new cures and treatments by boosting funding for the National Institutes of Health and the Food and Drug Administration. NIH plays a critical role in the research and development of new drugs, and this investment will ensure that these cures and treatments become a reality.
We also invest in combating the opioid crisis, Community Health Centers, and maternal health care.
And, finally, beyond the negotiation, we are holding pharmaceutical companies accountable for when they jack up prices - bringing much needed transparency to the process.
Mr. Chairman, the status quo is unacceptable, and unsustainable. It’s time to negotiate a better deal for the American people. It’s time to pass H.R. 3.
