November 13,2019
Grassley on the Prescription Drug Pricing Reduction Act
NOTE:
Senator Chuck Grassley delivered a colloquy on the floor of the United States
Senate this afternoon with Senator Susan Collins of Maine. Her speech, which
followed Grassley’s, can be found here.
Prepared Floor Remarks by
U.S. Senator Chuck Grassley of Iowa
Chairman, Senate Finance
Committee
Wednesday, November 13,
2019
I’m
here to talk about an issue that unites Americans.
I
often point out Washington is an island surrounded by reality. Here inside the
Beltway, people are obsessed with partisan impeachment proceedings. Morning,
noon and night, the relentless effort to unseat the president of the United
States is a toxic strain of Potomac Fever infecting Capitol Hill.
If
only Congress would channel every waking minute to fix problems in the real
world.
Let
me provide a reality check. For people living in the real world, the
impeachment inquiry is not what keeps Americans up at night. It’s not what
wakes up moms and dads, worried sick about paying for their child’s insulin.
It’s not what drains the pocketbooks of seniors, or takes a big bite out of
people’s paychecks.
The
issue that unites Americans from Maine, to Iowa and Oregon, is the sky-high
prices that Americans – and the taxpaying public – are paying for prescription
medicine.
As
chairman of the Senate Finance Committee, I’m working to fix what’s broken in
the drug supply chain. In February, we called the heads of Big Pharma to
testify before the committee. Next, we heard from the largest Pharmacy Benefit
Managers to examine rebates and unravel the pricing supply chain. There was an
awful lot of finger pointing about the soaring drug prices Americans pay for
pharmaceuticals. There’s too much secrecy and not enough accountability.
When
drug prices grow by leaps and bounds, year after year, it’s time to look under
the hood, kick the tires along the drug supply chain and check the gauge on
competition. Why in the world is insulin, for example, a drug that’s been on
the market for nearly 100 years, doubling and tripling in price for patients in
the United States?
We’ve
gotten lots of feedback from patient advocates, health care providers and free
market proponents. The push back from Big Pharma reveals that we’re on to
something. Congress needs to take its foot off the brake. It’s time to deliver
real savings. It’s time to pass reforms that will cut prescription drug costs
for the American people.
Some
of my colleagues may require a more blunt call to action. So, I’ll use a
two-by-four angle. Join us and score a win for the American people. Otherwise,
do nothing and risk being on the losing side of the ballot box next November.
At
my county meetings, I hear the same message, from people all across the state.
They have family members and neighbors who struggle to pay for prescription
medicines to manage chronic health conditions and treat diseases.
Thanks
to breakthrough treatments and cures, Americans are living longer, healthier
lives. Many are beating the odds of a diagnosis that would have been a death
sentence a generation ago. However, if a loved one is diagnosed with MS, or
diabetes or Cystic Fibrosis, no miracle cure will help if Americans can’t
afford to pay for their medicine. And it won’t help seniors if sky-high prices
drain taxpayer-financed health programs, such as Medicare and Medicaid. Soaring
drug prices are forcing too many Americans to skimp on other necessities or
even ration their doses.
Now,
I just mentioned Cystic Fibrosis. Last month, the FDA approved a promising new
treatment for this progressive genetic disorder. CF impacts about 30,000
Americans. There’s nothing parents won’t do to advocate for their child living
with this condition. That’s how I met one family from Iowa a few years ago.
That’s when I launched the bipartisan Senate Caucus on Cystic Fibrosis, to add
my voice for awareness and advocacy.
Now,
I’m told the price tag for the new drug is more than $300,000 per patient, per
year. Without a doubt, this drug raises the roof of hope for tens of thousands
of families. It also raises a red flag about drug prices. If prices keep going
through the roof, year after year, how will Americans who depend on
prescription medicines afford them?
America’s
drug pricing regime is broken. It requires reform to sustain fiscal
sustainability and steer incubation and innovation forward. It needs more
transparency, better incentives and real competition to drive down prices.
We
have our work cut out for us. Big Pharma doesn’t want its pipeline to the
federal treasury tightened. And they’ll spend Big Money to scare people away
from reasonable solutions that will deliver real savings and get the best deal
for taxpayers.
In
July, Ranking Member Wyden and I secured broad, bipartisan support in the
Finance Committee. Our bill would save taxpayers more than $100 billion. We cap
out-of-pocket costs for seniors, saving their households more than $30 billion.
We’ve
fine-tuned and improved our bill to gain more momentum and more support. I see
my good friend from Maine, Senator Collins,
is here. She’s helping lead the fight to reduce drug prices.
We’ve
worked together on many issues. As former and current chairs of the Special
Committee on Aging, we’re committed to help older Americans lead healthier,
productive lives. We also share a top priority not to miss a vote. While I
might have a longer voting streak, Susan hasn’t missed a single roll call vote
since her first day on the job in 1997.
Senator
Collins is one of those rare lawmakers who doesn’t care who gets the credit, as
long as we’re doing the right thing. The Prescription Drug Pricing Reduction
Act is the right thing to do. And it’s time for Congress to do the right
thing.
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