Out-of-pocket drug costs for Americans hit $98 billion in 2024, marking a 5-year, 25% rise according to health firm IQ-VIA. A bill that would lower some of those costs has the backing of New York’s Senator Kirsten Gillibrand. She’s lobbying for the Strengthening Medicare and Reducing Taxpayer Prices Act, otherwise known as SMART.
Gillibrand claims the act would accelerate negotiations and reduce out-of-pocket costs for certain prescription drugs for many seniors struggling with Medicare.
"By the time they turn 60, most Americans are taking at least one prescription medication, and many say it's difficult to afford them, even with insurance," Gillibrand said. "Some are skipping doses, cutting their pills in half, or neglecting to get their prescriptions filled because of price concerns."
The bill was first introduced in April 2023 by Minnesota Senator Amy Klobuchar. Opponents of the bill believe that more negotiations on prescription drug prices will discourage companies from investing in research and would flatline drug development.
