San Francisco – Speaker Pelosi released the following statement on new initial findings by the Congressional Budget Office and the CMS Office of the Actuary on the substantial savings for taxpayers, private business, and seniors and families from the Lower Drug Costs Now Act (H.R. 3). CBO found that drug negotiations alone will save taxpayers $345 billion in Medicare Part D Spending over 2023-2029. The Office of the Actuary found that drug negotiations and Medicare inflation rebates will save households $158 billion and private businesses $46 billion from 2020-2029.
“The initial analyses from CBO and the Office of the Actuary show the transformational impact of the Lower Drug Costs Now Act to lift the crushing burden of unfair drug prices on American patients, taxpayers and employers.
“When we negotiate for fair drug prices, we put money back into the pockets of seniors and families, reduce insurance premiums, and improve the personal and financial health of the American people. Instead of out-of-control drug prices feeding Big Pharma’s stock buybacks and record profits, we can reinvest billions in the search for new treatments and cures.
“Now, our Committees of Jurisdiction will continue their work to strengthen this bill with Members’ input and determine how to reinvest these savings, perhaps to improve Medicare benefits, encourage innovation, and strengthen the health care of the American people.”
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