Drug Price Caps: Linking US Medication Costs to International Prices.
This bill mandates the establishment of maximum retail prices for prescription drugs, primarily based on the lowest prices found in 11 developed reference countries. This measure aims to prevent price gouging and significantly reduce medication costs for beneficiaries of federal health programs (like Medicare) and for all other consumers, including the uninsured. Manufacturers failing to comply face substantial financial penalties, which will fund drug research.
Key points
Establishes maximum "reference prices" for prescription drugs, calculated primarily by finding the lowest price in countries like Canada, Germany, and Japan.
These price caps apply to all major federal health programs (Medicare, Medicaid, VA) and must also be offered to all individuals, including the uninsured.
Drug manufacturers face severe financial penalties (5 times the overcharge) for non-compliance, with collected funds directed toward NIH drug research.
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