Hoyer Statement on the CBO’s Initial Analysis of the Lower Drug Costs Now Act
“Today’s initial estimate from the nonpartisan Congressional Budget Office (CBO) confirms that House Democrats’ bill to lower prescription drug costs, H.R. 3, will produce dramatic savings on prescription drug costs. The CBO finds that just one portion of the bill, the provisions requiring the Secretary of Health and Human Services to negotiate lower prices on the most costly drugs, will yield savings of $345 billion over 2023 to 2029. We expect even bigger savings when the CBO completes its full analysis of the entire bill.
“These lower prices will increase access to medications for those who need them, and help level the playing field for Americans who are paying far more for the same prescription drugs than patients abroad. Additionally, these savings will allow for reinvestment in innovation. This is a big win for patients, consumers, and caregivers.
“House Democrats will continue to push for lower prescription drug costs while working to expand access to affordable, high-quality health care. That was our promise in 2018 to make Congress work For the People; that promise will continue to guide our agenda in the 116th Congress. Every American deserves access to quality, affordable health care and affordable prescription medications, and I thank Chairmen Pallone, Neal, and Scott for their work to advance this critically important legislation.”
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