Senator Kirsten Gillibrand, at a virtual press conference, presented the SMART Prices Act aimed at lowering prescription drug costs for seniors under Medicare. This legislation enables the Department of Health and Human Services to negotiate prices with pharmaceutical companies, potentially decreasing drug costs and federal spending. The act also aims to expedite the eligibility for negotiation of new drugs following FDA approval. Gillibrand emphasized the urgent need for such measures as many seniors currently struggle with high drug prices, prompting them to compromise on their treatment.
Even with Medicare, the cost of prescription drugs can be astronomical; as a result, many seniors are forced to skip doses, cut pills in half, or otherwise alter their treatment in an attempt to save money. That is unacceptable.
The SMART Prices Act would lower the cost of some of the most expensive and commonly used prescription medications by enhancing the Department of Health and Human Services' ability to negotiate directly with pharmaceutical companies.
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