WASHINGTON, DC – Today U.S. Senator Rob Portman (R-OH) delivered remarks in support of the Prescription Drug Pricing Reduction Act during the Senate Finance Committee’s markup of the bill. It is designed to help crack down on high prescription drug prices. In particular, Portman highlighted his support for the bill’s provisions to lower out-of-pocket drug costs for seniors, end the practice of spread pricing in Medicaid, and his bipartisan REFUND Act. This measure will reduce the egregious wasted spending on discarded medications that are the result of excessively large, single-use drug vials and enable Medicare to recoup money from drug companies who were paid for wasted medications, and provide savings to seniors enrolled in Medicare.
“I hear a lot from Ohioans who are tired of the rising costs of prescription drugs. It’s gotten so bad that some Ohioans have to choose between paying their mortgage or rent and being able to afford expensive prescription drugs for themselves or their children. With Medicare and Medicaid paying more and more for prescription drugs, high prices are also increasing costs to taxpayers. The legislation we voted on today takes a number of common sense steps to reduce prescription drug costs and bring some common sense to our health care system. It helps lower out-of-pocket costs for our seniors, cracks down on the high prices set by drug manufacturers, ends the practice of spread pricing in the Medicaid program by pharmacy benefit managers, and saves taxpayers more than $100 billion. I look forward to working with my Senate colleagues to advance this legislation and I urge the full Senate to pass this legislation soon.”