Pallone, Neal and Scott Announce Lower Drug Costs Now Act’s Historic Investment in Medicare and Search for New Cures
Energy and Commerce Committee Chairman Frank Pallone Jr. (D-NJ), Ways and Means Committee Chairman Richard E. Neal (D-MA) and Education and Labor Committee Chairman Bobby Scott (D-VA) released the following joint statement today announcing the historic investments in Medicare and the search for new cures that will be included in H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act when it goes to the House floor for a vote next week:
“When the House of Representatives takes up the Elijah E. Cummings Lower Drug Costs Now Act next week, Democrats will not only deliver on our promise to lower prices For the People, but we will also make historic investments in Medicare and the search for new cures and treatments.
“Based on guidance from the Congressional Budget Office, we anticipate that H.R. 3 will save approximately $500 billion over the next ten years that we plan to reinvest in the American people.
“Today we are proud to announce that the Lower Drug Costs Now Act will include transformative expansions of Medicare’s benefits to include dental, vision and hearing for the first time in the history of the program. It will also include critical funding to assist innovation in the search for new cures and treatments, as well as funding to combat the opioid crisis.
“These significant investments are made possible as a result of our promise to finally empower the federal government to negotiate lower drug prices for the American people. We look forward to following through on our promise next week.”
Summary of H.R. 3’s historic investments can be found here.