U.S. Sens. Mike Crapo (R-ID) and Richard Burr (R-NC) reintroduced Tuesday legislation designed to reduce prescription drug prices, enhance industry and encourage the development of new treatments and cures.
The Lower Costs, More Cures Act (LCMCA) would modernize payments for drugs delivered in the doctor’s office under Medicare Part B, incentivize lower-cost alternatives or biosimilars, and establish an annual out-of-pocket cap of $3,100 for Medicare Part D enrollees, which would allow certain patients to pay in monthly installments.
“America’s biopharmaceutical innovation recently brought life-saving vaccines to combat the COVID-19 pandemic in under one year,” Crapo, ranking member of the Senate Finance Committee, said. “This same medical ingenuity is leading the world in bringing life-saving therapies to patients and discovering cures for the future. However, access to affordable prescriptions remains one of the most persistent challenges facing our nation, and these treatments are only effective if patients can afford them.”
The bill delivers a comprehensive, market-based approach to leveraging competition, flexibility, and transparency without stifling innovative growth and research.
“The COVID-19 pandemic demonstrated how every American stands to benefit from the life-saving work of our biomedical research community,” Burr, ranking member of the Senate Health, Education, Labor and Pensions Committee, said. “It’s essential our payment models, in both public and private health care programs, keep pace with future breakthrough developments. This bill includes solutions that have strong bipartisan support and works to enhance Americans’ access to the next generation of treatments and cures.”
Original co-sponsors of the bill include U.S. Sens. Steve Daines (R-MT), Tim Scott (R-SC), Jim Risch (R-ID), Thom Tillis (R-NC), Joni Ernst (R-IA), and Roger Marshall (R-KS).