Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.), Amy Klobuchar (D-Minn.), and Peter Welch (D-Vt.) introduced the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act. This legislation would expand Medicare negotiation of drug prices to lower drug costs for Americans across the country and reduce federal spending.
“Hard-working Nevadans often struggle to afford the high prices of the medications that they rely on,” said Senator Cortez Masto. “This commonsense fix builds on the legislation, passed and signed into law by Democrats, that caps insulin at $35 a month and allows Medicare to negotiate drug prices. We will continue to deliver real solutions that lower costs for American families and end Big Pharma’s price gouging.”
This legislation builds on the Inflation Reduction Act, which was passed into law in 2022, that empowered Medicare to negotiate prescription drug prices for the first time. The SMART Prices Act would extend this progress by more than doubling the number of prescription drugs Medicare must negotiate to a minimum of 50 per year, allowing the costliest prescription drugs and biologics to have negotiated prices five years after approval by the Food and Drug Administration, and by increasing the discount that Medicare is allowed to negotiate. This could save seniors thousands of dollars each year and would allow Medicare to begin negotiations earlier and bring down the price of more expensive drugs.
Senator Cortez Masto has been a champion of affordable, quality health care, including mental and behavioral care. Cortez Masto has pushed pharmacy benefit managers to help lower prescription drug costs. To lower health care costs for all Nevadans, Cortez Masto worked to expand health care subsidies for individuals and families getting health care through the exchange. She recently introduced bipartisan legislation to provide patients with transparent and timely access to prescription medications and treatments.
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