Congressman Marc Veasey (TX-33) Votes to Lower Skyrocketing Drug Prices by Passing the Elijah E. Cummings Lower Drug Costs Now Act (H.R. 3)
WASHINGTON, D.C. – Today, Congressman Marc Veasey (TX-33) joined his colleagues to pass the Elijah E. Cummings Lower Drug Costs Now Act, which will help bring down the cost of prescription drugs and level the playing field for American patients who are paying more for their medicines than patients in other countries.
“North Texans are facing a crisis skyrocketing prescription drug prices that are forcing them to choose between putting food on the table for their families or their life saving prescriptions,” said Congressman Marc Veasey (TX-33). “Today, I am proud to take a stand to stop this crisis by passing this legislation that will lower the drug prices for the nearly 60,000 people enrolled in a Medicare Part D plan and over 285,00 people that enrolled in private health in Texas’ 33rd district.”
The list prices for more than 3,400 drugs increased in the first six months of 2019, rising 17 percent from the year before. From 2011-2016, prescription drug spending in the United States grew by more than 2.5 times inflation.
H.R.3 reverses these costs by giving Medicare the power to negotiate directly with drug companies, and the lower prices negotiated by Medicare will be transparent so that private insurance companies can make the same prices available to their consumers. In addition to lowering prescription drug prices, H.R.3 also reinvests savings into expanding Medicare coverage for dental, vision, and hearing services for constituents