Michigan Senator Debbie Stabenow is sponsoring a new pair of bills aimed at bringing down sky-rocketing prescription drug prices.
The Empowering Medicare Seniors to Negotiate Drug Prices Act would allow Medicare to negotiate the best possible prices of prescription drugs to cut costs for nearly 41 million seniors enrolled in Medicare Part D, because current law bans Medicare from negotiating prices.
The second bill, the Spike Act, was introduced by Democratic Senator Ron Wyden, would require drug makers to publicly announce big increases in prices.
“We need to do everything we can to crack down on the skyrocketing cost of prescription drugs,” said Senator Stabenow. “Too many Michigan families and seniors are burdened by high costs that make it harder to get the care they need and pay their bills.”
These bills are aimed at companies that suddenly hike drug prices hundreds or thousands of times their original costs.
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