WASHINGTON, D.C. – U.S. Senator Elissa Slotkin (D-MI) joined Senators Amy Klobuchar (D-MN) and Peter Welch (D-VT) in reintroducing the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act. Building on the historic measures in the Inflation Reduction Act, which allowed for the negotiation of prescription drugs on Medicare, this legislation extends that progress by more than doubling the number of prescription drugs Medicare must negotiate to a minimum of 50 per year. Making more drugs cheaper for individuals on Medicare.
“No matter where I am, or who I am talking to in Michigan, one of the most common things Michiganders bring up with me is always the skyrocketing prices of prescription drugs,” said Slotkin. “Big Pharma should not be able to price gouge seniors. Period. This legislation builds on the progress we made, extends the savings to more drugs, and helps more Michiganders who need relief from high costs.”
This effort builds on Slotkin’s long history of championing legislation, such as the Inflation Reduction Act, Lowering Drug Costs for American Families Act, Increasing Prescription Drug Competition Act, and Make Medicine Affordable Act, to lower costs for Americans and hold Big Pharma accountable.
The SMART Prices Act would strengthen Medicare’s ability to negotiate drug prices, helping to lower costs for consumers, reduce federal healthcare spending, and provide the U.S. Department of Health and Human Services with enhanced tools to bring down prices in Medicare Part B and Part D. The legislation will require the most costly prescription drugs and biologics to have negotiated prices five years after approval by the Food and Drug Administration, and by increasing the discount that Medicare is allowed to negotiate.
The SMART Prices Act is cosponsored by Senators Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Maria Cantwell (D-WA), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), Angus King (I-ME), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Chris Murphy (D-CT), Patty Murray (D-WA), Jack Reed (D-RI), Jeanne Shaheen (D-NH), Tina Smith (D-MN), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI).
The bill is endorsed by Center for American Progress, FamiliesUSA, Patients For Affordable Drugs NOW, Protect Our Care, and Public Citizen.
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