The House of Representatives passed a bill Thursday that proposes new methods of lowering prescription drug prices.
The "Lower Drug Costs Now" Act, also known as H.R. 3, gives Medicare the power to negotiate lower drug prices, as well as reversing price increases. Speaker Nancy Pelosi introduced the bill to the House.
Nebraska Congressman Adrian Smith says the deal is not as beneficial as it may seem and undermines work done by committees in recent weeks.
“Hard work was underway within the Ways and Means Committee and the Energy & Commerce Committee with a bipartisan effort, a bipartisan solution to lower prescription drug prices. And that was all pushed aside when Speaker Pelosi decided to drop her bill. It’s virtually socialization of a major part of our medical system with pharmaceutical products,” Smith said.
Smith said the committees have been working on a separate bipartisan bill to lower drug costs, called the "Lower Costs, More Cures" Act (H.R. 19). The bill promotes low-cost drug options as well as removing any uncertainty about drug pricing. According to the White House Council of Economic Advisors, H.R. 3 could reduce the amount of drugs entering the market by almost a third.
The bill will now be sent to the Senate for a vote.