In recent months, the need to lower prescription drug costs has become increasingly apparent. Despite tough rhetoric from President Donald Trump, drug prices continue to soar under his administration. Last year, nearly 30 drug companies announced that price increases would take effect in January; Pfizer alone announced that it would raise the prices of 41 drugs. Critical medications, such as insulin and opioid addiction treatments, have already seen dramatic price hikes this year. These rising prices continue to take a toll on patients. In a 2018 poll conducted by the Kaiser Family Foundation, 24 percent of respondents reported that they or a family member had not filled a prescription, cut pills in half, or skipped doses due to cost.
Americans are ready for change. In fact, in a recent poll by Harvard University and Politico, 80 percent of respondents said that they want Congress to act to lower prescription drug prices, ranking it as their top priority for 2019. Indeed, progress on this issue has already been made. The new House majority wasted no time to address high drug prices, quickly launching an investigation of price hikes under 12 key drug companies. Moreover, lawmakers have recently proposed a variety of reforms to tackle rising drug prices, for example, setting parameters for Medicare negotiation, increasing generic competition, and capping out-of-pocket costs.
Congress now faces the task of weaving together these various reforms into comprehensive legislation. This column outlines key principles for a comprehensive drug pricing legislation that would benefit all Americans.