Summary of Bill HR 5461
Bill 118 HR 5461, also known as the Ensuring Access to Lower-Cost Medicines for Seniors Act of 2023, aims to address the issue of high prescription drug costs for senior citizens in the United States. The bill was introduced in the House of Representatives in 2023.
The main goal of the bill is to increase access to lower-cost prescription medications for seniors by allowing Medicare to negotiate drug prices directly with pharmaceutical companies. Currently, Medicare is prohibited from negotiating drug prices, which can result in higher costs for seniors.
Additionally, the bill includes provisions to increase transparency in drug pricing, such as requiring pharmaceutical companies to disclose the costs of research and development, marketing, and production for each drug. This information would help consumers and policymakers better understand the factors contributing to high drug prices.
Furthermore, the bill seeks to promote competition in the pharmaceutical industry by allowing for the importation of lower-cost prescription drugs from other countries. This would provide seniors with more affordable options for their medications.
Overall, the Ensuring Access to Lower-Cost Medicines for Seniors Act of 2023 aims to address the issue of high prescription drug costs for seniors by increasing transparency, promoting competition, and allowing Medicare to negotiate drug prices. If passed, the bill could potentially help seniors save money on their medications and improve access to essential healthcare services.