Intending to lower the cost of prescription drugs for Americans, Congressman Mike Garcia (R-Santa Clarita) co-sponsored the Lower Costs, More Cures Act of 2021 H.R. 19 last Wednesday.
While the cost of insulin remains as high as $350 a bottle and the average diabetic requires two bottles a month, Garcia has co-sponsored the bill to lower out-of-pocket spending for prescription drugs.
“Americans desperately deserve price relief when it comes to the rising costs of prescription drugs,” Garcia said in a statement last Wednesday. “The Lower Costs, More Cures Act, would lower the costs of prescription drugs without limiting the development of future cures.”
The bill would lower out-of-pocket spending, protect access to new cures and medications, strengthen transparency and encourage competition, according to Garcia.
Unlike other proposed bills with intent to lower drug prices, this legislation would do so without limiting the development of new cures, Garcia said.
“This bill would improve transparency, champion competition, and lower out-of-pocket spending for Americans all while ensuring America does not become more reliant on China,” Garcia said. “H.R. 19 also makes important strides to make insulin more affordable and cap costs for Medicare beneficiaries.”
The Lower Costs, More Cures Act, H.R. 19, would:
- Lower costs of prescription drugs without limiting innovative new cures.
- Lead to lifesaving, innovative new cures.
- Curb drug companies from gaming the system.
- Increase transparency and remove uncertainty at the pharmacy counter.
- Provides, for the first time, an out-of-pocket cap for seniors in the Medicare Part D program.
- Makes insulin more affordable.
- Cuts the cost of drug administration, including cancer treatment, for Medicare beneficiaries by as much as half.
- Enables strong, pro-America trade agreements to end American subsidizing of other developed countries’ health care.
“It’s past time for Congress to get this done for the American people,” Garcia said.
To read the text of the bill, click here.
For a section-by-section summary of the bill, click here.
For a fact sheet on how Lower Costs, More Cures will improve the affordability of insulin, click here.
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