Many had criticized Congress for working on a sweeping bill that, at the end of the day, did not include relief for consumers over the high cost of prescription drugs. That has been quickly remedied. A deal was reached today which adds to the $1.85 trillion social-policy and climate bill a provision which gives Medicare the power to negotiate the price of some drugs, penalize drug companies for raising prices faster than inflation, and cap out-of-pocket costs for seniors at $2,000 per year. It also creates a $35 out-of-pocket monthly maximum for insulin. “This deal will directly reduce out-of-pocket drug spending for millions of patients,” said Senate Majority Leader Chuck Schumer (D., N.Y.).
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