[Congressional Record Volume 152, Number 95 (Wednesday, July 19, 2006)]
[House]
[Page H5388]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PHARMACEUTICAL COMPANIES BRINGING IN RECORD PROFITS FROM MEDICARE PART 
                                 D PLAN

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute.)
  Mr. PALLONE. Madam Speaker, the American taxpayer is being ripped off 
by the Republican prescription drug law. Any Republican who wants to 
dispute this fact should take a look at yesterday's New York Times. 
Under the headline ``A Windfall from Shifts to Medicare,'' we have yet 
another example of how the pharmaceutical companies are reaping record 
profits while the American taxpayer is left holding the bill.
  Before the Republican law went into effect this year, more than 6.5 
million low-income Americans received help with their prescription drug 
bills through Medicaid. Under the Medicaid system, States could 
purchase the drugs at the lowest available prices. While this was good 
news for the taxpayer, it certainly cut into the profits of the 
pharmaceutical companies.
  So now those 6.5 million Americans have been moved into the 
Republican plan, and they are no longer receiving the lowest prices. 
And the higher costs, adding up to as much as $2 billion this year 
alone, will be passed on to the American taxpayer.
  And House Republicans still claim to be fiscal conservatives? House 
Republicans sold out to the pharmaceutical companies, and now the 
American taxpayers are paying the price.

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