CBO says House Speaker Nancy Pelosi's drug pricing plan saves Medicare $345 billion over decade

[riversedge]

Source: cnbc.com






Key Points

House Speaker Nancy Pelosi’s bill to lower prescription drug prices would save Medicare $345 billion over 10 years, according to a preliminary analysis from the CBO.
The greatest savings would come in 2028 at $93 billion, according to the federal agency.



House Speaker Nancy Pelosi’s bill to lower prescription drug prices would save Medicare $345 billion over 10 years, according to a preliminary analysis from the nonpartisan Congressional Budget Office.

The savings wouldn’t begin until 2023, assuming the bill gets passed by both the House and Senate and signed by President Donald Trump before the end of this year, the CBO said in the report released late Friday. The greatest savings would come in 2028 at $93 billion, according to the CBO, an independent agency that reviews congressional spending.

The CBO said the largest savings would come from the provision that allows Medicare to negotiate lower prices on as many as 250 of the most expensive drugs per year and apply those discounts to private health plans across the U.S. The legislation includes a penalty on pharmaceutical companies that refuse to negotiate or fail to reach an agreement with the U.S. government, starting at 65% of the gross sales of the drug in question.


The lower prices under the legislation would immediately lower current and expected future revenues for pharmaceutical companies, according to the CBO. The plan would also alter drug manufacturers’ incentives and have broad effects on the drug market, the CBO said................................................

Read more: https://www.cnbc.com/2019/10/14/nancy-pelosis-drug-pricing-plan-would-save-medicare-345-billion-cbo.html

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VIDEO02:06
House Speaker Nancy Pelosi: Improve Obamacare, no need to reinvent health care

[Kurt V.]

1. drug patent monopolies must be addressed to help the rest of us not on medicare.

as the only industrializedwcountry without some form universal health care, you're correct, it doesn't need reinvented bc there are plenty of real world examples to learn from.

[mopinko]

7. i wouldnt mind if there wasnt so many gimmicks to keep things

under patent.
i use a inhaled steroid. it's $275/mo. i tried to find a cheaper one, but they are all exactly the same.
but here's the thing. the same steroid is available as a nasal spray. otc, generic available.
about twice as much of the med, just a little spray can instead of a pump spray bottle. $30.

[Maxheader]

8. Inhaled steriod?

Did you try canada pharmacy?...I use them for mine...

[mopinko]

11. i just had a gap in my insurance.

covered now w a medicare advantage program, and now it's free.

[doc03]

2. We could save a ton if they just made it

illegal to advertise drugs on every commercial break. Who the hell they advertising to it takes doctor to prescribe them.

[Ahpook]

10. I never thought of that

And very true! Who the fuck are they talking to in those constant ad's! I can't prescribe the shit!

[doc03]

12. I am sick of all the advertisements for ED, Peronies disease and all the other

stupid jingles that they play. I can't go out and buy them without a prescription from a doctor. I just wonder how much money is spent on advertising that crap. Why put us through all this bs when they also pay big bucks to drug salesmen (pushers) to get doctors to prescribe them. They could lower the prices by billions if they just stopped the drug pushing on TV, magazines and internet 24/7.

[Ahpook]

13. I have a friend that used to DJ

If you know anything about that industry, it is a very hard job. It isn't 4 hours on a mic and go home. When you get a gig you better be looking for the next one before the current one dries up.

Anyway, he started selling pharmas and mentions that is the worse decision he has ever made.

[YOHABLO]

16. TREL-E-GY is easy as 1 2 3 I mean really? They stole a Michael Jackson song?

I mute when that commercial comes on. Sickening. I had to find out what it's used for. So my thoughts go out to those who suffer from COPD.

[BumRushDaShow]

3. She has been tweeting the past week about these efforts

This was her tweet today -

Link to tweet

TEXT
Nancy Pelosi
✔
@SpeakerPelosi

We can save billions by finally negotiating for #LowerDrugCosts. And that’s just the beginning: H.R. 3 would extend those lower prices to Americans across the country. https://www.cnbc.com/amp/2019/10/14/nancy-pelosis-drug-pricing-plan-would-save-medicare-345-billion-cbo.html …
CBO says House Speaker Nancy Pelosi's drug pricing plan saves Medicare $345 billion over decade

The savings wouldn't begin until 2023, assuming the bill gets passed by the House and Senate and signed by President Donald Trump before the end of this year, the CBO says.
cnbc.com
4,472
2:04 PM - Oct 14, 2019

This was her tweet a few days ago with a link to her statement on this -

Link to tweet

TEXT

Nancy Pelosi
✔
@SpeakerPelosi

When we have the power to negotiate for fair drug prices, we put money back into the pockets of seniors & families, reduce insurance premiums, & improve the personal and financial health of the American people. #LowerDrugCosts https://www.speaker.gov/newsroom/101119-1 …
Pelosi Statement on Initial CBO & Actuary Analysis of Lower Drug Costs Now Act

The initial analyses from CBO and the Office of the Actuary show the transformational impact of the Lower Drug Costs Now Act to lift the crushing burden of unfair drug prices on American patients,...
speaker.gov
6,090
10:35 PM - Oct 11, 2019

Pelosi Statement on Initial CBO & Actuary Analysis of Lower Drug Costs Now Act
October 11, 2019
Press Release

San Francisco – Speaker Pelosi released the following statement on new initial findings by the Congressional Budget Office and the CMS Office of the Actuary on the substantial savings for taxpayers, private business, and seniors and families from the Lower Drug Costs Now Act (H.R. 3). CBO found that drug negotiations alone will save taxpayers $345 billion in Medicare Part D Spending over 2023-2029. The Office of the Actuary found that drug negotiations and Medicare inflation rebates will save households $158 billion and private businesses $46 billion from 2020-2029.

“The initial analyses from CBO and the Office of the Actuary show the transformational impact of the Lower Drug Costs Now Act to lift the crushing burden of unfair drug prices on American patients, taxpayers and employers.

“When we negotiate for fair drug prices, we put money back into the pockets of seniors and families, reduce insurance premiums, and improve the personal and financial health of the American people. Instead of out-of-control drug prices feeding Big Pharma’s stock buybacks and record profits, we can reinvest billions in the search for new treatments and cures.

“Now, our Committees of Jurisdiction will continue their work to strengthen this bill with Members’ input and determine how to reinvest these savings, perhaps to improve Medicare benefits, encourage innovation, and strengthen the health care of the American people.”

https://www.speaker.gov/newsroom/101119-1

[Auggie]

4. $345 billion less profit for the drug industry. They will fight this with all their might.

[spooky3]

15. They already are. I have heard their ads (I think sometimes on MSNBC) where

the industry claims that this will make it impossible for them to do research or give Americans access to the most effective treatments.

This is total BS, of course. The American pharma companies are perfectly happy to sell the same drugs in Canada, France, Switzerland, etc., at half the cost for which they sell them here. If they were not making money doing that, they wouldn't do it. And the US govt (i.e., taxpayers) funds the cost of a LOT of research that leads to medical and pharma breakthroughs.

[msongs]

5. can also be read as nancy raises drug prices 65 per cent

quote: The legislation includes a penalty on pharmaceutical companies that refuse to negotiate or fail to reach an agreement with the U.S. government, starting at 65% of the gross sales of the drug in question :unquote

[George II]

6. She's not even running for President! Teach those folks how to do it, Nancy.

[Duckandcover]

9. But then there's Grim Reaper of the Senate

Link to tweet

[SKKY]

14. Well, well, well...

Look who is showing folks how to walk and chew gum at the same time. Nice work! Gonna be hard for Republicans to find a way to “No” on this one.

[YOHABLO]

17. Oh Nancy, and cut into the profits of BigPharma? That's a no no.

[flibbitygiblets]

18. Even if McTurtle allows a Senate vote, Il Douche will stamp his feet and refuse to sign-mark my word

He takes EVERYTHING personally, and if anyone here thinks a little thing like an impeachment investigation won't make him turn full-on truculent, you haven't been paying attention.

Which, should be anticipated and promptly used against him in full-page ads everywhere. Because people, even morons like Trump supporters, get this one.

[tclambert]

19. Well, then Republicans must block this, you know, in order to save our pharmaceutical companies.

Sure would save a lot of bus fare to Canada, too.

[cstanleytech]

20. Wait, a proposal that saves money? Well the Republicans will definitely oppose that.

After all they are the party of cut taxes and spend, spend, spend, spend, spend.

[Mc Mike]

21. Madame Speaker is all that and a bag of chips.

Legislation with investigation.