High Drug Prices Can Force New Yorkers Who Rely On Prescription Drugs To Cut Pills In Half Or Skip Doses Entirely; Legislation Would Help Ensure Life-Saving Medication Is Affordable For All
Today, U.S. Senator Kirsten Gillibrand, ranking member of the Senate Aging Committee, held a virtual press conference announcing the Capping Prescription Costs Act, legislation that would cap the annual out-of-pocket cost of prescription drugs at $2,000 for individuals and $4,000 for families with private insurance.
“As President Trump rolls back initiatives to make health care more affordable for working families, I am proud to be introducing this legislation to address the astronomical cost of prescription drugs,” said Senator Gillibrand. “No American should ever have to risk their health by skipping refills or rationing life-saving medication because they can’t afford it. This legislation is a commonsense measure that would be life-changing for older adults and the millions of Americans with chronic conditions and disabilities, and I am determined to get it passed.”
Senators Raphael Warnock (D-GA), Tammy Baldwin (D-WI), Cory Booker (D-NJ), Richard Blumenthal (D-CT), John Fetterman (D-PA), Martin Heinrich (D-NM), Andy Kim (D-NJ), Amy Klobuchar (D-MN), Patty Murray (D-WA), and Peter Welch (D-VT) cosponsor this legislation.
Throughout her time in Congress, Gillibrand has fought to lower the cost of prescription drugs. In 2022, she helped pass the Inflation Reduction Act, which capped Medicare patients’ out-of-pocket prescription drug costs at $2,000 per year; empowered Medicare to negotiate prescription drug prices; and regulated price increases by drug companies. She is an original cosponsor of the Medicare for All Act, which would provide every American with prescription drug coverage. In 2023, she joined a bipartisan push to lower out-of-pocket costs for prescription drugs by limiting the use of harmful “copay accumulators,” which prevent copay assistance from counting toward a patient’s deductible or out-of-pocket maximum and make it harder for patients to afford their medications.