Protect Our Care’s New Greed Watch Report Reveals Big Drug Companies Have Raked in Over $36 Billion In Profits in Q3 While Raising Prices on Hard-Working Families
Washington, D.C. – Today, House Energy & Commerce Committee Ranking Member Frank Pallone Jr (D-NJ-06), House Ways & Means Committee Ranking Member Richard Neal (D-MA-01), and House Education & Workforce Committee Ranking Member Bobby Scott (D-VA-03) reintroduced the Lowering Drug Costs for American Families Act to help hard-working Americans afford their medications. This legislation will expand the savings from the Medicare Drug Price Negotiation Program to not only benefit seniors, but also Americans with private health insurance. It also increases the number of drugs selected for negotiation, helps stop drug companies from overcharging Americans for the same drugs they sell cheaply abroad, and provides essential relief to families with private health insurance by capping out-of-pocket drug costs at $2,000, capping out-of-pocket costs for insulin to $35 a month, and repealing a harmful provision passed in the GOP tax bill that makes it harder to negotiate lower drug prices.
Donald Trump claims he’ll lower drug prices by 1000% – but his administration’s actions do the opposite. His GOP tax bill guarantees higher profits for big drug companies while costing the American people over $8 billion in higher drug prices. Working people crave relief from the GOP health care cuts, big drug company carve-outs, and sky-high tariffs that are jacking up the cost of health care across the country while drug company CEOs brag that Trump’s promises do not affect their profits. Read more about the eye-popping profits big drug companies are raking in and the failed Trump promises here.
“This legislation from Ranking Members Pallone, Neal, and Scott is what real action to reduce drug prices looks like,” said Protect Our Care Director of Policy Programs Vaishu Jawahar. “When it comes to lowering prescription drug costs, President Trump is all talk, while Democrats are walking the walk. Republicans continue paying lip service to lowering costs while doing everything in their power to give handouts to big drug companies. Democrats remain the only ones in Washington fighting to lower health care costs for everyday people.”
