February 18, 2020

U.S. Chamber of Commerce Endorses Crapo Drug Pricing Bill

WASHINGTON – The United States Chamber of Commerce today endorsed U.S. Senator Crapo’s (R-Idaho) Lower Costs, More Cures Act (S. 3129), which would lower prescription drug prices, bring greater transparency to the prescription drug industry and encourage further innovation of new treatments and cures within the U.S. 

“Access to affordable prescriptions remains one of the most persistent challenges in our country,” said Senator Crapo.  “I thank the Chamber for its endorsement of the Lower Costs, More Cures Act and its commitment expanding access to and choices of affordable medications.  I remain committed to working with my colleagues in Congress to advance legislation that provides greater access to medications for patients, while adhering to market-driven principles.” 

“The Chamber thanks Sen. Crapo for introducing legislation aimed at reducing out-of-pocket drug costs without jeopardizing the development of new cures or resorting to destructive price controls,” said Neil Bradley, U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer.  “The Chamber believes this legislation can garner bipartisan support that would allow Congress and President Trump to deliver meaningful cost relief to seniors and American consumers on an important issue.” 

Through this legislation, for the first time, Medicare Part D patients would have a maximum out-of-pocket cap to protect them from high costs.  Providers would have access to information to recommend lower-cost alternatives, and Medicare Part B would appropriately pay providers for prescribing the best drug for their patient.   

Senator Crapo introduced S. 3129 on December 19, 2019.  It is co-sponsored by Senators Jim Risch (R-Idaho), Mike Enzi (R-Wyoming), Richard Burr (R-North Carolina), John Barrasso (R-Wyoming), Thom Tillis (R-North Carolina.) and Joni Ernst (R-Iowa).  

Full text of the Senate bill can be found HERE, a section-by-section HERE, and a two-page summary HERE.