Lowest Price for Patients Act of 2024

Hozzl · 2025-01-04T11:12:26Z

Explore the details of House Bill 8987 Lowest Price for Patients Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

1/4/2025, 11:12 AM

Summary of Bill HR 8987

The Lowest Price for Patients Act of 2024, also known as Bill 118 hr 8987, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to ensure that patients have access to the lowest possible prices for prescription medications.

One key provision of the bill is the establishment of a price transparency program, which would require pharmaceutical companies to disclose the prices they charge for their medications. This would allow patients to compare prices and choose the most affordable option for their needs.

Additionally, the bill includes measures to prevent price gouging by pharmaceutical companies. It would give the government the authority to intervene if a company is found to be charging unreasonably high prices for essential medications. The Lowest Price for Patients Act of 2024 also aims to increase competition in the pharmaceutical industry by streamlining the process for generic drug approvals. This would help to lower prices for medications by allowing more companies to produce generic versions of popular drugs. Overall, this bill is designed to protect patients from high drug prices and ensure that they have access to affordable medications. It is currently being debated in Congress, with supporters arguing that it will help to lower healthcare costs for all Americans.

Current Status of Bill HR 8987

Bill HR 8987 is currently in the status of Bill Introduced since July 10, 2024. Bill HR 8987 was introduced during Congress 118 and was introduced to the House on July 10, 2024. Bill HR 8987's most recent activity was Referred to the Subcommittee on Health. as of December 17, 2024

Bipartisan Support of Bill HR 8987

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 8987

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 8987

To amend title XXVII of the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1986 to ensure cost sharing for a drug does not exceed the nationwide average of consumer purchase prices for such drug.