From WisPolitics.com/WisBusiness.com …
— U.S. Sen. Tammy Baldwin is touting a federal bill as a way to “hold Big Pharma accountable” for higher drug prices.
Baldwin, D-Madison, joined other Dem lawmakers in recently introducing the “Lower Drug Costs for Families Act.”
She says the bill would create penalties for drug companies that increase prescription drug prices faster than the cost of inflation in the commercial market, including employer-sponsored plans and private health insurance.
Drug companies currently only face the penalty for raising prices faster than inflation on drugs covered by Medicare, according to Baldwin’s release. She says the bill would ensure the prescription drug industry “faces consequences for overcharging” more than 180 million Americans.
Plus, Baldwin says the bill would return collected fines directly to the Medicare Supplementary Medical Insurance Trust Fund, a move she argues would extend the program’s solvency.
In a statement on the bill, she said she hears from families across Wisconsin who need relief from “skyrocketing” drug costs.
“Too often big corporations can jack up drug prices on a whim, leaving Wisconsinites stuck between paying through the nose or forgoing their medication while big pharmaceutical companies get richer,” she said.
See the bill text and see more in the release below.
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