Make Medicine Affordable Act

Hozzl · 2022-12-29T23:03:23Z

Explore the details of House Bill 7497 Make Medicine Affordable Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

12/29/2022, 11:03 PM

Summary of Bill HR 7497

Bill 117 hr 7497, also known as the Make Medicine Affordable Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the rising costs of prescription medications in the United States and make them more affordable for all Americans.

One of the key provisions of the Make Medicine Affordable Act is the establishment of a Prescription Drug Affordability Board. This board would be responsible for setting limits on the prices of prescription drugs, based on factors such as the cost of production and the prices of similar medications in other countries. The board would also have the authority to negotiate prices with drug manufacturers to ensure that medications are priced fairly and affordably.

Additionally, the bill includes measures to increase transparency in the pharmaceutical industry. Drug manufacturers would be required to disclose information about the costs of production, research and development, and marketing for each medication. This transparency is intended to help consumers understand why certain medications are priced the way they are and hold manufacturers accountable for pricing practices. Furthermore, the Make Medicine Affordable Act includes provisions to expand access to generic medications and promote competition in the pharmaceutical market. This would help drive down prices and make medications more affordable for consumers. The bill also includes measures to improve the availability of affordable prescription drugs for low-income individuals and seniors. Overall, the Make Medicine Affordable Act aims to address the issue of skyrocketing prescription drug prices in the United States and make medications more accessible and affordable for all Americans. It remains to be seen how this legislation will be received in Congress and whether it will ultimately be passed into law.

Congressional Summary of HR 7497

Make Medicine Affordable Act

This bill establishes several programs and requirements to address the prices of prescription drugs, including (1) requiring the Centers for Medicare & Medicaid Services to negotiate the prices of certain brand-name drugs and insulin under Medicare, (2) capping annual out-of-pocket spending under the Medicare prescription drug benefit, and (3) limiting cost-sharing for insulin products.

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Current Status of Bill HR 7497

Bill HR 7497 is currently in the status of Bill Introduced since April 11, 2022. Bill HR 7497 was introduced during Congress 117 and was introduced to the House on April 11, 2022. Bill HR 7497's most recent activity was Referred to the Subcommittee on Health. as of April 12, 2022

Bipartisan Support of Bill HR 7497

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7497

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 7497

Make Medicine Affordable ActMake Medicine Affordable ActTo provide for lower prices for drugs through drug price negotiation, and for other purposes.

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Comments

Sponsors and Cosponsors of HR 7497

Elissa Slotkin

Michigan(Democrat)

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