While Trump the Candidate is throwing “whatever” at the populist wall of campaign promises and trying to compete with the Biden/Harris administration’s success of drug pricing negotiation, the GOP has other plans.
Multiple high-ranking Republicans are saying they want to repeal the Inflation Reduction Act’s Medicare drug price negotiations next year if they prevail in the elections.
Of course, Republicans have a “concept” of a dismantling of the IRA, but there is no consensus on whether that would entail dismantling the entire law, or only the portion aimed at drug talks.
- The Inflation Reduction Act requires the next administration to negotiate some drug prices following Biden’s success at lowering 10 widely used drugs earlier this year.
- But future administrations won’t be able to dismantle or water down the IRA without Congress’ help.
The Republican argument for reversing drug pricing negotiation?
Republicans say that because companies opting out would be hit with a steep tax for nonparticipation, they claim that the process amounts to price setting.
Also, they claim it harms innovation that leads to new cures, and have warned of potential premium increases in Medicare Part D.
- Their claim when Trump was in office and couldn’t agree in negotiations with then-Speaker Pelosi was that it would lead to fewer cures.
Kamala Harris has called for expanding the negotiations and making more drugs subject to price talks, if she’s elected.
A hearing today in the Senate Finance Committee is giving Democrats an opportunity to highlight the savings for seniors and working-class Americans.
