WASHINGTON: US House Speaker Nancy Pelosi released proposed legislation on Thursday that would allow the federal government to negotiate the prices of hundreds of prescription drugs for Medicare healthcare beneficiaries as well as other consumers.
Pelosi's proposal would allow the US government every year to negotiate prices on"as many as possible of the 250 most costly drugs to Medicare and the entire US health system" that lack price competition, a summary of the bill said. The Speaker's bill would also impose penalties on pharmaceutical companies that refuse to negotiate or do not reach agreement. They would have to pay a"non-compliance fee starting at 65 per cent of the gross sales of the drug in question," the summary said. This would increase by 10per cent every quarter up to a maximum of 95 per cent.
The proposal caps annual out-of-pocket spending on prescription drugs at US$2,000 for Medicare Part D beneficiaries, the summary said.
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