Stabenow Statement on Medicare Negotiation AmendmentThursday, July 25, 2019
WASHINGTON, D.C. – U.S. Senator Debbie Stabenow (D-MI) released the following statement on the Senate Finance Committee vote on her amendment to let Medicare negotiate lower drug prices for seniors:
“Today, the Republican Majority on the Senate Finance Committee missed the opportunity to truly cut prescription drug prices for our seniors. They all voted “no” on my amendment to allow Medicare to use the bargaining power of 43 million seniors to get the lowest prices for Americans.
“We know that negotiation works. The VA negotiates prices and saves 40% compared to Medicare. According to a recent AARP analysis, Medicare could have saved $14.4 billion on just 50 drugs in 2016 alone if the program had paid the same prices as the VA. With negotiation, Medicare could save more than $140 billion over 10 years just on those 50 drugs.
“Big Pharma has more lobbyists than any other special interest. Their job is to stop competition and keep prices high – and they are very good at it. They won in 2003 when they stopped Medicare from being able to negotiate lower prices. Sixteen years later, Senate Republicans are standing with them again.
“I intend to demand a vote on this amendment before proceeding to Senate consideration on the floor. It is past time to put people over profits.”
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