U.S. Senator Kirsten Gillibrand announced new legislation this week aimed at cutting prescription drug costs for millions of older Americans.
The Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act would expand Medicare’s power to negotiate directly with drug companies. The proposal builds on 2022 reforms that lowered the cost of medications for conditions like diabetes, heart disease, and kidney failure.
“Even with Medicare, the cost of prescription drugs can be astronomical,” said Gillibrand, who chairs the Senate Aging Committee. “This bill expands on that victory and makes dozens more drugs subject to price negotiations.”
Under the bill, the Department of Health and Human Services would be required to negotiate prices for at least 50 medications annually starting in 2028. The legislation would also align Medicare’s pricing authority with standards used by the Department of Veterans Affairs and other federal agencies.
Gillibrand has long advocated for prescription drug reform. She supported the Inflation Reduction Act, which capped out-of-pocket drug costs for Medicare patients and enabled price negotiations. She is also a cosponsor of the Medicare for All Act and has backed bipartisan efforts to curb copay accumulator practices.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].