In many ways, Medicare Part D reflects an unprecedented success story, coming in massively under budget, with low and stable monthly premiums--and with a generic drug dispensing rate of roughly 90 percent.

Some of the most lifesaving medications remain out of reach for far too many working families and seniors.

We need to identify avenues for lowering out-of-pocket costs, increasing competition, and promoting access to lifesaving innovation--and we need to do so in a fiscally responsible manner.

many people do.

Congress took a critical step toward addressing these challenges nearly 20 years ago, when we voted to enact Medicare's prescription drug benefit or Part D.

Obviously, transparency is key.

I have long championed efforts to improve prescription drug access and affordability for all Americans.

We need to identify avenues for lowering out-of-pocket costs, increasing competition, and promoting access to lifesaving innovation--and we need to do so in a fiscally responsible manner.

I have long championed efforts to improve prescription drug access and affordability for Americans, and I welcome the opportunity to engage in this vitally important bipartisan hearing.

Obviously, transparency is key.

When we talk about the need for greater transparency in the drug supply chain, that term can and should mean a few different things.

We have got to figure out how to strengthen Medicare.

In many ways, Medicare Part D reflects an unprecedented success story, coming in massively under budget, with low and stable monthly premiums--and with a generic drug dispensing rate of roughly 90 percent.

We have to change that.

many people do.

I have long championed efforts to improve prescription drug access and affordability for all Americans.

Today, I am introducing legislation called the Lower Drug Costs for Families Act, and what it will do is penalize pharmaceutical companies for increasing the price of their drugs faster than the rate of inflation.

Congress took a critical step toward addressing these challenges nearly 20 years ago, when we voted to enact Medicare's prescription drug benefit or Part D.