Gee, Letting Medicare Negotiate Drug Prices Would Save $290 BILLION

[babylonsister]

Gee, Letting Medicare Negotiate Drug Prices Would Save $290 BILLION
That's billion with a B. And it appears Democrats in the Senate are actually gonna get it done.
By Common Dreams — July 12, 2022


The Congressional Budget Office said Friday that a pending proposal by Senate Democrats to allow Medicare to negotiate directly with drug companies for lower prices would yield nearly $290 billion in savings and new revenue over ten years of implementation, a predictable yet crucial finding as lawmakers try to revitalize a legislative deal in the coming weeks.

The Democratic effort to revitalize a broader reconciliation package that could be passed in the narrowly-split Senate without Republican votes is considered the best that can be achieved after Sens. Joe Manchin and Kyrsten Sinema tanked the much larger Build Back Better plan—one that included sweeping climate provisions and other social investments—last year.

Now, with Schumer negotiating directly with Manchin on the narrower package, the hopes of at least gaining the ability for Medicare to better control outrageous drug prices imposed on enrollees by pharmaceutical giants would be considered a win.

According to the CBO, which based its analysis on draft text released by the Senate Budget Committee, the legislation now under consideration "would result in a net decrease in the unified deficit totaling $287.6 billion over the 2022-2031 period. That decrease in the deficit would result from a decrease in direct spending of $249.2 billion and an increase in revenues of $38.4 billion.

Senate Majority Leader Chuck Schumer welcomed the budget office score as a finding that bolsters the push to give Medicare such authority.

more...

https://crooksandliars.com/2022/07/gee-letting-medicare-negotiate-drug-prices

[panader0]

1. Big Pharma sees your title in the opposite way.

"We're going to lose $290B!" Hahaha

[spooky3]

2. They are spending millions on astroturf TV ads urging viewers

To believe that this law would prevent drug companies from seeking cures. Disgusting.

[rubbersole]

3. McConnell is going to have to earn his pay, again.

The lobbyists are opening checkbooks (how quaint) all over town. Key bump coke orgies on every bus bench (quaint 2).

[area51]

4. Not just Medicare;

there is no reason why we in the US pay the highest drug prices in the world, especially when our tax dollars pay for the drug research and development. Physicians for a National Health Program

[jaxexpat]

5. But.....that means lost profits....I mean, all their important R & D will be placed on hold.

We'll be going back to the stone age. Plagues of locusts AND frogs. Dogs and cats sleeping together. It's crazy.

[BumRushDaShow]

14. As long as this pandemic is going on

they are making $$$$$$$$$$$$$$$$$$$$$$ from that (vaccines, treatments, diagnostic test kits, etc).

[Auggie]

15. Bet Susan Collins will be concerned too.

[Farmer-Rick]

6. This country is all out, 100% behind vulture capitalism

Politicians ain't never going to interfere with the filthy rich's wealth extraction. The more Americans suffer, the more those filthy rich, wannabe kings squeeze out the wealth like a wringer into their bottomless pockets.

And 90% of Americans think this is just fine and dandy.

[Wednesdays]

7. The actual numbers.

https://datawrapper.dwcdn.net/YfH9R/3/

https://qtxasset.com/cdn-cgi/image/w=850,h=478,f=auto,fit=crop,g=0.5x0.5/?VersionId=LESEjqIe44zuXc5Se.cNna7I75HW2j9b

[Farmer-Rick]

9. Your first link was fine

But the second link keeps sending me to an error page ...weird.

That question at the first link doesn't break it down into 100%. So, it's kind of hard to judge what it means. But it does show most people believe profits are causing the price of prescription rather then research which is the lie they want you to believe.

Thanks for the info.

[jalan48]

8. Once Americans are told it's Socialism they will oppose it.

[KS Toronado]

10. Chuck Schumer needs to bring this to a vote ASAP

Get all the repugs on record that pharmaceutical giants are more important to them than their constituent's
pocketbooks. Only time they care about their constituent's pocketbooks, is when they themselves need
campaign cash.

[Snackshack]

11. Yep-

This is a fucking travesty and it has been since day one. The person who put that non negotiable clause was a lobbyist for pharmaceutical industry. This what you get when the gop lets lobbyists write the laws.

[mn9driver]

12. How does Manchin feel about it?

This would be a great thing. I’m not going to hold my breath.

[spanone]

13. republicons will do nothing to advance legislation that President Biden puts forward.

They are beholden to their donors, not the people.

[crickets]

16. $$ and power - Moscow Mitch ready to strike again.

see https://democraticunderground.com/100216919030

McConnell wants to stop Democrats, including Sen. Joe Manchin III (W.Va.), from using a process known as “reconciliation” to pass that prescription-drug bill by a simple majority vote, immune from any GOP filibuster. And to stop Americans from getting cheaper prescriptions, he is willing to sabotage American manufacturers (and therefore assist China) by denying them $52 billion in support under the U.S. Innovation and Competition Act.

In both cases, Americans lose — because McConnell thinks it’s to Republicans’ advantage in the midterm elections. He is willing to hurt the country, and help the Chinese, in order to harm Democrats’ political standing.

[Finishline42]

17. McTurtle earned his pay with that provision

Part of Medicare Part D.

Of course the VA gets to negotiate their drug costs.

[TiberiusB]

18. Expect this to crash and burn

It isn't just Manchin and Sinema...

https://www.commondreams.org/news/2022/07/13/gleefully-committing-arson-gottheimer-gang-may-derail-manchin-deal