[Congressional Record Volume 168, Number 120 (Wednesday, July 20, 2022)]
[Senate]
[Page S3505]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                        Prescription Drug Costs

  Madam President, now on prescription drugs and healthcare, from one 
corner to the other, another issue of inflation is the high cost of 
drugs. At every pharmacy counter and doctor's office, grocery store, 
and kitchen table, the issue that remains front of mind for American 
families is the cost of living. While finally we are beginning to see 
relief as some gas prices are falling, inflation undeniably continues 
to strain families not just in America but around the world.
  In one crucial area of life, high costs are simply unsustainable: the 
cost of healthcare and prescription drugs. The nexus of the high cost 
and the necessity of these drugs to keep us healthy and keep us living 
is a pincer that pinches so many Americans in a very harmful way.

  But this week, the Senate will formally present our case to the 
Parliamentarian on a number of long-sought reforms to our Nation's 
healthcare system that will lower costs for tens of millions of 
Americans.
  Under our proposals, for the first time ever, we will empower 
Medicare to negotiate the prices of prescription drugs in Parts B and 
D. We will cap out-of-pocket expenses for Part D precision drugs at 
$2,000 a year, giving millions of Americans--many of whom have serious 
health problems and need these drugs--the support they desperately need 
so they can afford these drugs. Two thousand a year--that is it. The 
days of seniors paying tens of thousands of dollars per year or 
forgoing medicine altogether will soon be over. And we will prevent 
healthcare premiums from spiking for tens of millions of people.
  In addition, there is an inflation rider, so that once the company 
announces the price of a new drug, they can't just double it and double 
it and double it year after year, even after they have recouped their 
investment in the bill.
  Lowering costs of prescription drugs, capping out-of-pocket expenses, 
keeping premiums low--these are the top priorities for the American 
people. Ask any American on the street, and it is a near guarantee they 
will agree that rising drug costs is a serious problem. So we have to 
address the issue head-on.
  Now, of course, Democrats will keep working on other major challenges 
that face our Nation. Our work on climate change is not done. We are 
going to work with President Biden's administration to fight climate 
change and protect our planet for the next generation. This is an 
existential threat to the globe, and we are going to keep fighting.
  So, in the coming weeks, our caucus is going to be exceedingly busy 
as we finalize a reconciliation bill that can pass with the full 
support of our caucus. We still have a lot of work to do. Nobody says 
it is going to be simple or easy, but lowering the costs of healthcare 
and prescription drugs will make an enormous difference in the lives of 
the American people. Let's get it done and give Americans a much needed 
and long-awaited break.