Pharmaceutical companies, in a furious lobbying effort, are trying to blow up a bipartisan Senate deal to reform Medicare's prescription drug benefit, by demanding that taxpayers spend tens of billions on drug industry subsidies.
Senate Finance Committee ranking member Sen. Ron Wyden, D-Ore., left, sitting next to committee chairman Sen. Chuck Grassley, R-Iowa, right, speaks during a hearing. Senate health care leaders have developed a bipartisan, fiscally responsible way to reduce the cost of the Medicare prescription drug benefit, also known as Medicare Part D.
Hence, the proposal also caps the growth of government subsidies to drug manufacturers at consumer inflation . Drug companies would be free to raise their prices faster than inflation, but they would have to return to the taxpayer any subsidies they received above inflation.market-based reform from the Center for Medicare and Medicaid InnovationThe net effect of the Senate proposal would be a win for both seniors and taxpayers.
And that 16-year average actually underestimates the age of these drugs. GlaxoSmithKline’s Advair, for example, has been on the U.S. market since 2000, for treatment of asthma and chronic obstructive pulmonary disease. But Advair is simply a combination of two older, off-patent GSK drugs called Flonase and Serevent, which were first approved by the FDA in 1988.
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