The savings wouldn't begin until 2023, assuming the bill gets passed by the House and Senate and signed by President Donald Trump before end of this year, the CBO says.
would save Medicare $345 billion over 10 years, according to a preliminary analysis from the nonpartisan Congressional Budget Office.
The CBO said the largest savings from would come from the provision that allows Medicare to negotiate lower prices on as many as 250 of the most expensive drugs per year and apply those discounts to private health plans across the U.S. The legislation includes a penalty on pharmaceuticals companies that refuse to negotiate or fail to reach an agreement with the U.S. government, starting at 65% of the gross sales of the drug in question.
"A manufacturer that was dissatisfied with a negotiation could pull a drug out of the U.S. market entirely, though CBO expects that would be unlikely for drugs already being sold in the United States," CBO Director Phillip Swagel said in the report. Pelosi and other House Democratic leaders had been working on the plan for months. The legislation is expected to move through House committees to a vote on the floor as soon as the end of this month.for a Senate drug pricing bill backed by Trump"The legislation I authored with Ranking Member Wyden strikes that balance and would achieve real progress for Americans," Grassley said.
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