Pelosi Drug Bill Would Save $345 Billion

The Congressional Budget Office provides us with a brief description of Nancy Pelosi’s bill to reduce prescription drug pricing under Medicare:

Title I of H.R. 3 would require manufacturers of specific prescription drugs to negotiate with the Secretary for the prices of those drugs or face an excise tax on the sales of those drugs….Maximum fair prices could not exceed 120 percent of the average price—called the average international market, or AIM, price—for a given drug in Australia, Canada, France, Germany, Japan, and the United Kingdom.

And how much would this save us? Here are the numbers:

This adds up to $345 billion through 2029. This is something that, in theory, the Trump administration supports, so it shouldn’t be hard to get it passed. Unfortunately, that would ruin Trump’s claim that Democrats are doing nothing, so it will probably die in the Senate.

MOTHER JONES NEEDS YOUR HELP

We have about a $170,000 funding gap and less than a week to go in our hugely important First $500,000 fundraising campaign that ends Saturday. We urgently need your help, and a lot of help, so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

MOTHER JONES NEEDS YOUR HELP

We have about a $170,000 funding gap and less than a week to go in our hugely important First $500,000 fundraising campaign that ends Saturday. We urgently need your help, and a lot of help, so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate