Dems Introduce Legislation Requiring Medicare Prescription Drug Price Negotiation
On Friday, Congressman Dingell, on behalf of himself and 189 co-sponsors, introduced H.R. 4 to amend the Social Security Act to require the negotiation of prices for Medicare Part D covered drugs.
Specifically, H.R. 4, cited as the "Medicare Prescription Drug Price Negotiation Act of 2007", states that the Secretary "shall negotiate with pharmaceutical manufacturers the prices (including discounts, rebates and other price concessions) that may be charged to PDP sponsors and MA organizations for covered part D drugs for part D eligible individuals who are enrolled under a prescription drug plan or under an MA-PD plan." If enacted as introduced, the bill would also require reports to be filed twice a year with certain specified committees about the negotiations conducted and the prices and price discounts achieved. Noticeably absent from the bill, however, is a requirement that a formulary be established and the application of any savings achieved as a result of the measure to fill the doughnut hole.
