Drew Ferguson: “The biggest misconception is that the buying power of Medicare patients is currently unused, and that somehow this new…”

“The biggest misconception is that the buying power of Medicare patients is currently unused, and that somehow this new plan is the only way to leverage lower prices for prescription drugs. In fact, prescription drug plans under Medicare part D right now are aggressively negotiating discounts; they have been before part D, and they continue to do so very well since the program's inception and they are going to continue to look to negotiate lower prices. They have been negotiating and giving beneficiaries choices and access to the newest breakthrough therapies. Through Medicare part D, in its current form, beneficiaries have access to over 4,000 prescription medications at a much lower cost than previously estimated when we passed this legislation a few years ago. CMS has indicated that beneficiaries are saving an average of $1,200 annually on their drug costs. Program costs are an estimated 30 percent less in 2006 and 21 percent less over the next 10 years due in large part to competition and negotiating of lower drug costs.”