Senator Hassan: ‘It’s Essential that We Allow Medicare to Negotiate Prices and Pass a Drug Pricing Reform Package’

WASHINGTON – U.S. Senator Maggie Hassan (D-NH) continued to press for action to address high prescription drug costs and take on Big Pharma during a Senate Finance Committee hearing today.

To watch Senator Hassan’s questioning, click here.

“While Americans struggle to afford live-saving medications, pharmaceutical companies continue to raise prices,” said Senator Hassan. “Allowing Medicare to negotiate drug prices is a commonsense solution that will strengthen Medicare and bring relief to Granite State families. We also need to penalize drug companies that arbitrarily make large price increases. Congress needs to act quickly to pass drug pricing reforms. Patients and families can’t wait any longer and it’s an immediate way to lower costs for families all across this country.”

Senator Hassan shared how she has heard directly from Granite Staters about the need to lower prices. “A Medicare beneficiary from Wilmot, New Hampshire with Stage 1 Parkinson's Disease contacted me last week,” Senator Hassan said. “She spent $2,100 last year on copayments for just one of the drugs that she takes.”

Dr. Conti said that taking the steps that Senator Hassan discussed “will directly benefit consumers at the pharmacy counter – they will find immediate price relief.” Senator Hassan responded, “That’s why it’s so essential that we allow Medicare to negotiate prices and pass a drug pricing reform package.”

Senator Hassan also discussed the importance of capping insulin prices. She recently joined colleagues in introducing a bill to require Medicare plans and private group or individual plans to cap patients’ out-of-pocket costs for insulin at $35 per month.

Today’s hearing was part of Senator Hassan’s ongoing efforts to take on Big Pharma and bring down health care costs. Senator Hassan has pushed to allow Medicare to negotiate drug prices and also advanced bipartisan legislation in 2019 to lower prescription drugs costs by enacting a cap on out-of-pocket prescription drug costs for Medicare Part D beneficiaries and cracking down on pharmaceutical companies that raise drug prices higher than inflation. In addition, Senator Hassan led successful, bipartisan efforts with Senator Bill Cassidy (R-LA) to help end the practice of surprise medical billing, which is now in effect. Senators Hassan and Cassidy also successfully passed into law their bipartisan legislation to enhance education about biosimilar drug products in an effort to increase competition and lower drug costs.

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