Medicare Prescription Drug Negotiation Act of 2007

MEDICARE PRESCRIPTION DRUG NEGOTIATION ACT OF 2007 -- (Extensions of Remarks - January 18, 2007)

* Mrs. LOWEY. Mr. Speaker, I rise in support of this critical legislation.

* The Part D prescription drug plan has caused mass confusion and, unfortunately, provided more in profits to drug companies than savings to seniors.

* Private corporations, large pharmacy chains, and individual states all use their bargaining power to secure lower drug prices for the patients they represent. It simply makes no sense that the Department of Health and Human Services is prohibited from negotiating on behalf of millions more seniors.

* In fact, a recent study by Families USA found that Medicare beneficiaries pay an average of 58 percent more for the same prescription drugs sold to patients who receive their drugs from the Veterans Department, which can negotiate cheaper prices.

* Using the bargaining power of 42 million Medicare enrollees to secure the best drug prices for our seniors could save billions, according to some estimates.

* These savings could then be used to begin to close the infamous ``doughnut hole' or gaps in coverage that millions of seniors experienced last year and are expected to experience again in 2007.

* Allowing the Secretary of Health and Human Services to negotiate prices won't solve all of the problems associated with the drug benefit but it will set us on the right course toward providing our seniors with the comprehensive, affordable drug coverage they deserve.

* I urge my colleagues to vote ``yes' on this important bill.

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