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CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decade

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Nancy Pelosi'''s drug pricing plan would save Medicare $345 billion: CBO

House Speaker Nancy Pelosi’s bill to lower prescription drug prices would save Medicare $345 billion over 10 years, according to a preliminary analysis from the nonpartisan Congressional Budget Office.

The savings wouldn’t begin until 2023, assuming the bill gets passed by both the House and Senate and signed by President Donald Trump before the end of this year, the CBO said in the report released late Friday. The greatest savings would come in 2028 at $93 billion, according to the CBO, an independent agency that reviews congressional spending.

The CBO said the largest savings would come from the provision that allows Medicare to negotiate lower prices on as many as 250 of the most expensive drugs per year and apply those discounts to private health plans across the U.S. The legislation includes a penalty on pharmaceutical companies that refuse to negotiate or fail to reach an agreement with the U.S. government, starting at 65% of the gross sales of the drug in question.
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negotiating prices is a common sense thing that surprises me that others (outside of the medical industry) wouldn't agree to. Lets see if McConnell takes it up.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

Only businesses should be allowed to negotiate.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

CaughtInThe said:
Only businesses should be allowed to negotiate.
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What is your reasoning?
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
Nancy Pelosi'''s drug pricing plan would save Medicare $345 billion: CBO
negotiating prices is a common sense thing that surprises me that others (outside of the medical industry) wouldn't agree to. Lets see if McConnell takes it up.
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Savings starting in 2023?!? And hasn't even passed in the House yet? What is she waiting for and why does big pharma get an additional grace period of 4 and 8 years respectively to fleece the consumer?

Yeah ... really impressive.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

Barnacle said:
Savings starting in 2023?!? And hasn't even passed in the House yet? What is she waiting for and why does big pharma get an additional grace period of 4 and 8 years respectively to fleece the consumer?

Yeah ... really impressive.
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Ok, so you would support a more aggressive measure? I would as well!
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
Ok, so you would support a more aggressive measure? I would as well!
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Then why would you want McConnell to take this lukewarm BS to a senate vote?
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
Nancy Pelosi'''s drug pricing plan would save Medicare $345 billion: CBO



negotiating prices is a common sense thing that surprises me that others (outside of the medical industry) wouldn't agree to. Lets see if McConnell takes it up.
Click to expand...
That we currently allow the suppliers (Drug companies) to set the price with no negotiation allowed for the consumer (Government, such as Medicare, Medicaid, etc.) is one of the largest indicators I see that our government is not serving the interests of the nation, but rather their donors.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

Barnacle said:
Then why would you want McConnell to take this lukewarm BS to a senate vote?
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Because so far nothing has happened. So this is better than that. If McConnell wants to lead the senate to a stronger bill, I would support that instead.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
Because so far nothing has happened. So this is better than that. If McConnell wants to lead the senate to a stronger bill, I would support that instead.
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Correct ... and that's not the republicans' fault.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

Barnacle said:
Correct ... and that's not the republicans' fault.
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I don't think anyone in this thread blamed republicans. My view is that its the fault of our lobbying rules and both parties are on the take in this case.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
I don't think anyone in this thread blamed republicans. My view is that its the fault of our lobbying rules and both parties are on the take in this case.
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Money is still green no matter what party you "belong" to.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
I don't think anyone in this thread blamed republicans. My view is that its the fault of our lobbying rules and both parties are on the take in this case.
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I've got a question: Why does it say in the OP Pelosi's bill when ...

July 23, 2019 - "The Senate Finance Committee on Tuesday unveiled its long-anticipated bipartisan bill to lower prescription drug prices for seniors and save the federal government billions in health-care costs.

Chairman Chuck Grassley, R-Iowa., and Ron Wyden, D-Ore., the committee’s ranking member, have been working for several months on a bill to reduce drug prices. The Trump administration and Congress are both trying to bring more transparency to drug prices and, ultimately, lower costs for consumers.

The bill, “Prescription Drug Pricing Reduction Act of 2019,”
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

tacomancer said:
Nancy Pelosi'''s drug pricing plan would save Medicare $345 billion: CBO



negotiating prices is a common sense thing that surprises me that others (outside of the medical industry) wouldn't agree to. Lets see if McConnell takes it up.
Click to expand...

It will just drive drug prices for the uninsured further through the roof. Any time the government "saves" money, it costs someone else dearly.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

Barnacle said:
I've got a question: Why does it say in the OP Pelosi's bill when ...

July 23, 2019 - "The Senate Finance Committee on Tuesday unveiled its long-anticipated bipartisan bill to lower prescription drug prices for seniors and save the federal government billions in health-care costs.

Chairman Chuck Grassley, R-Iowa., and Ron Wyden, D-Ore., the committee’s ranking member, have been working for several months on a bill to reduce drug prices. The Trump administration and Congress are both trying to bring more transparency to drug prices and, ultimately, lower costs for consumers.

The bill, “Prescription Drug Pricing Reduction Act of 2019,”
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I am guessing because it makes for a better headline.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

The Mark said:
That we currently allow the suppliers (Drug companies) to set the price with no negotiation allowed for the consumer (Government, such as Medicare, Medicaid, etc.) is one of the largest indicators I see that our government is not serving the interests of the nation, but rather their donors.
Click to expand...

True. Back in the 1960s-70s, when friends of mine -- certainly not me -- would buy weed, there was a discount the more you buy. I assume that later on, even Pablo Escobar gave bulk discounts for his products. That the common sense capitalist-supporting politicians who worship the "magic of the marketplace" can't see this is depressing.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

Nickyjo said:
True. Back in the 1960s-70s, when friends of mine -- certainly not me -- would buy weed, there was a discount the more you buy. I assume that later on, even Pablo Escobar gave bulk discounts for his products. That the common sense capitalist-supporting politicians who worship the "magic of the marketplace" can't see this is depressing.
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When capitalism gets influence in politics it uses that influence to gain market share and reduce costs.

Which leads to monopoly or near-monopolies and damages to humans and the environment.

If we're going to keep capitalism we have to limit it's political power especially, but also it's ability to eliminate competition.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

The Mark said:
When capitalism gets influence in politics it uses that influence to gain market share and reduce costs.

Which leads to monopoly or near-monopolies and damages to humans and the environment.

If we're going to keep capitalism we have to limit it's political power especially, but also it's ability to eliminate competition.
Click to expand...

We can keep it. Problems come when people worship it.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

The Mark said:
That we currently allow the suppliers (Drug companies) to set the price with no negotiation allowed for the consumer (Government, such as Medicare, Medicaid, etc.) is one of the largest indicators I see that our government is not serving the interests of the nation, but rather their donors.
Click to expand...

I don’t know what happened when Medicare was enacted in the 1960’s. I remember the debate, but I was too young. It’s likely that no one anticipated the drug cost problem.

In those days, people had far fewer prescription drugs. Usually, one or two, if at all.

This is no longer the case.

In 2003-4, when George W Bush was trying to get Medicare Part D passed, the Congressmen leading the floor fight was Billy Tauzin. He also went on to chair the conference committee.

He took it as his job to insure that no provision would make it into the new law that allowed the government to do anything but pay full retail for any drug supplied under the program.

He succeeded, and promptly left Congress......

To become President of the Pharmaceutical Research and Manufacurer’s Association (PHARMA), at a salary of two million a year.
 
Re: CBO says House Speaker Nancy Pelosi’s drug pricing plan saves Medicare $345 billion over decad

TomFitz said:
I don’t know what happened when Medicare was enacted in the 1960’s. I remember the debate, but I was too young. It’s likely that no one anticipated the drug cost problem.

In those days, people had far fewer prescription drugs. Usually, one or two, if at all.

This is no longer the case.

In 2003-4, when George W Bush was trying to get Medicare Part D passed, the Congressmen leading the floor fight was Billy Tauzin. He also went on to chair the conference committee.

He took it as his job to insure that no provision would make it into the new law that allowed the government to do anything but pay full retail for any drug supplied under the program.

He succeeded, and promptly left Congress......

To become President of the Pharmaceutical Research and Manufacurer’s Association (PHARMA), at a salary of two million a year.
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Why Medicare Can't Get The Lowest Drug Prices

The anti-consumer poison pill was embedded in a law ironically called the Medicare Modernization Act. Among other things, it put corporate Pharmacy Benefit Managers (PBMs) in charge of acquiring drugs through Medicare's "Part D" plan.
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Medicare Prescription Drug, Improvement, and Modernization Act - Wikipedia

Essentially, if I'm reading between the lines right, this was enacted under the guise of improving medicare, but it's actual purpose was to create a guaranteed market at prices set by the producers and paid for by taxes.
 
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