Bill Pascrell: “I want to thank Frank Pallone, Richard Neal, and Bobby Scott for all their hard work on the Elijah E. Cummings Lower…”

“I want to thank Frank Pallone, Richard Neal, and Bobby Scott for all their hard work on the Elijah E. Cummings Lower Drug Costs Now Act. The science and innovation behind lifesaving drugs is light-years beyond our wildest imagination. As the medicine chest of America, New Jersey leads the way in biopharmaceutical research, which is integral to discovering lifesaving treatments. But with the blessing of living longer, the curse of high costs lingers. After too many years of inaction, it falls on us to address exploding costs in the health system. Pharmaceutical innovation demands the best science, not the highest prices. But if medications are not affordable for all, how can they be lifesaving? H.R. 3 is landmark legislation that helps us address the cost crisis by allowing Medicare to negotiate fair prices for American families. We talked about this in 2009. The minority rejected it then, too. We should have done it then. Medicare beneficiaries, our seniors, will save $150 billion in lower premiums and out-of-pocket costs. On top of that, Medicare part D beneficiaries will see an average discount of nearly 55 percent on current prices of the first drugs chosen for negotiation. Our seniors will ultimately benefit from lower premiums, cost sharing, and a cap on their out-of-pocket expenses.…”