Good Day BIO: Bipartisan bill would reduce seniors’ out-of-pocket drug costs

Sens. Bob Menendez (D-NJ) and Bill Cassidy, M.D. (R-LA) reintroduced legislation this week that would establish an out-of-pocket cap for Medicare Part D beneficiaries—something BIO has long supported. 

The Seniors Prescription Drug Relief Act would do two things:

1. Establish a $3,100 annual out-of-pocket cap for Medicare Part D beneficiaries once they hit catastrophic coverage.
2. Smooth patients’ spending on medications so they pay less out of pocket each month in the catastrophic phase. 

Read more details in their joint statement.

This isn’t a new idea. Sens. Menendez and Cassidy have been working together on this for quite some time and introduced a similar bill in 2019. 

BIO’s been advocating for an out-of-pocket cap for Medicare Part D beneficiaries for a long time—check out our infographic explaining why. 

What Sen. Menendez is saying: “Setting a cap on out-of-pocket expenses allows seniors to prorate their share over the year into set monthly payments, giving them more flexibility to cover their health care expenses."

What Sen. Cassidy is saying: “If someone on Medicare cannot afford their medication, they are going to get sicker or not get better. This bill takes on the root causes of high drug prices because we want to make it easier for seniors to pay for their prescriptions.” 

Mike Drop: We applaud the Senate for addressing these issues in a bi-partisan manner and striving to make meaningful reforms that put patients first. – Mike Mattoon, BIO’s VP of Federal Government Relations

Listen: BIO’s Deputy General Counsel John Murphy and Alliance for Aging Research President and CEO Sue Peschin joined the I am BIO Podcast to discuss how we can lower patients’ out-of-pocket costs. Listen at www.bio.org/podcast or wherever you get your podcast fix, including Apple, Google, or Spotify. 

More Health Care News:

STAT News: Sickle cell disease and a pivotal moment to end health inequality
“Why now? First, as a society, we’ve made strides forward this past year in our social consciousness and ability to talk about racism. And second, scientific innovation may be more appreciated than ever and there have been advances in treating sickle cell disease,” writes Dr. Ted Love, CEO of Global Blood Therapeutics (GBT).

The Senate Agriculture Committee met yesterday to consider the nomination of Jennifer Moffitt, the nominee for Undersecretary of Agriculture for Marketing and Regulatory Programs. Here’s what she said about animal biotech and trade.

Jennifer Moffitt currently serves as the Undersecretary at the California Department of Food and Agriculture (CFDA). Previously, she was managing director of Dixon Ridge Farms, her family’s organic walnut farm and processing operation. 

If confirmed, she would oversee the Animal and Plant Health Inspection Service, which is the “front-line defense” against threats to animal and plant health, like pests, disease, and climate change, said Committee Chair Debbie Stabenow (D-MI). 

The benefits of animal biotech was a key topic of discussion, with Ranking Member John Boozman (R-AR) discussing USDA’s proposed rulemaking to modernize the regulation of agricultural animal biotechnology, and Sen. Deb Fischer (R-NE) raising the need to resolve barriers to animal biotech. 

“This MOU will modernize the federal government’s regulatory oversight of certain gene-edited animals used for agricultural purposes—the type of innovation that could allow researchers to develop African swine fever resistant pigs or cattle that produce less methane,” said Sen. Boozman. 

When asked to ensure the rulemaking provides livestock producers a predictable regulatory market, Moffitt said she looks forward to learning more about the process and ensuring it's science-based. 

What about nonscientific barriers to export markets? In response to a question from Sen. Boozman, Moffitt talked about the importance of using science and data to address trade barriers, and the need for APHIS to partner with producers. 

President Biden’s Friday: Participating in the Asia-Pacific Economic Cooperation (APEC) Leaders’ Virtual Retreat, to discuss putting an end to the COVID-19 pandemic and supporting the global economic recovery. At 1:00 PM ET he will receive a briefing from members of the White House COVID-19 Response Team on both the COVID-19 pandemic and the progress of the vaccination program. 

What’s Happening on Capitol Hill: The Energy & Commerce Health Subcommittee held a markup yesterday of several health-related bills including H.R. 1978, the “Protecting Seniors Through Immunization Act,” which passed and will now advance to the full committee for consideration. BIO's own Phyllis Arthur testified before the Energy & Commerce Committee in support of these bills and Thursday’s mark-up is an important step to ensuring seniors have affordable access to vaccines. Her full testimony can be found here.

Today, House Appropriations will mark up the FY22 funding bills on Energy and Water Development and related agencies and Transportation, as well as Housing and Urban Development and related agencies. In addition, the Energy Subcommittee of the House Committee on Science, Space, and Technology will hold a hearing, Fostering Equity in Energy Innovation.