Medicare Prescription Drug Price Negotiation Act of 2007

MEDICARE PRESCRIPTION DRUG PRICE NEGOTIATION ACT OF 2007

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Mrs. CAPPS. Thank you, Chairman Dingell.

Mr. Speaker, I believe that today in the House of Representatives there is no one here who would dispute the fact that the large pharmaceutical companies have raked in record profits under the Medicare prescription drug plan we are currently seeking to improve.

Today, in this vote before us we are facing a clear choice. We can continue to reward these companies, or we can consider our constituents, our frail seniors, those with disabilities, many of whom are still struggling to make heads or tails out of Medicare part D that we seek to improve.

Common sense tells me that the big drug and insurance companies wouldn't be so adamantly opposed to this bill if they didn't fear that it would result in actual price reductions. Common sense also tells me we should take every possible step to lower the cost of prescription drugs, and this bill can achieve that.

There is precedent for the Federal Government obtaining good discounts for prescription drugs; our seniors know that, and they believe it. Don't be fooled into believing that this bill might somehow leave seniors losing access to important medications. The bill explicitly prohibits the government from establishing formularies.

It is going to also address one of the biggest challenges still facing our seniors, the fact that they have to decide every December which plan they will choose, hoping that it will offer the cheapest price for drugs that they are going to take for a whole year. The problem is that not everyone takes the same prescriptions from one January to the next; and reducing prices across the board will ensure that when a beneficiary's doctor changes their prescription halfway through the year, their new medication will also be available at a lower cost.

I urge all of my colleagues to think about our seniors, think about those with disabilities. Vote ``yes' on H.R. 4. Fulfill a promise to serve the best interests of the constituents, not the best interest of profit-hungry big business.

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