PHARMACEUTICAL COMPANIES BRINGING IN RECORD PROFITS FROM MEDICARE PART D PLAN
BREAK IN TRANSCRIPT
Mr. PALLONE. Madam Speaker, the American taxpayer is being ripped off by the Republican prescription drug law. Any Republican who wants to dispute this fact should take a look at yesterday's New York Times. Under the headline ``A Windfall from Shifts to Medicare,'' we have yet another example of how the pharmaceutical companies are reaping record profits while the American taxpayer is left holding the bill.
Before the Republican law went into effect this year, more than 6.5 million low-income Americans received help with their prescription drug bills through Medicaid. Under the Medicaid system, States could purchase the drugs at the lowest available prices. While this was good news for the taxpayer, it certainly cut into the profits of the pharmaceutical companies.
So now those 6.5 million Americans have been moved into the Republican plan, and they are no longer receiving the lowest prices. And the higher costs, adding up to as much as $2 billion this year alone, will be passed on to the American taxpayer.
And House Republicans still claim to be fiscal conservatives? House Republicans sold out to the pharmaceutical companies, and now the American taxpayers are paying the price.