Rising care costs According to the CBO, the result of the proposal would be huge savings to taxpayers, and far-reaching effects in the pharmaceutical industry. (Photo: Shutterstock)

(Bloomberg) –A drug-price proposal from Democrats in Congress would save taxpayers $345 billion over a seven-year period, according to a new estimate, punching a hole in pharmaceutical company sales and causing ripple effects in health care systems around the world.

The bill, H.R. 3, is backed by Speaker of the House Nancy Pelosi and other Democrats in the chamber. It would direct Medicare, the U.S. government health program for the elderly and disabled, to set pharmaceutical prices based on an index of what other developed nations pay for top-selling drugs. For products not sold abroad, the government would set their price at a discount to what U.S. purchasers paid.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

BenefitsPRO Broker Expo 2024Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.