Organizing for America | Rick Shoup's Blog: Lowering Cost of Prescription Drugs for Seniors

Lowering Cost of Prescription Drugs for Seniors

By Rick Shoup-Policy - Oct 30th, 2008 at 4:41 pm EDT

Also listed in: New England Healthcare Community for Obama

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Posted on BlueHamphire Blog, 10/28/08 http://www.bluehampshire.com/frontPage.do

Prescription drugs represent the second fastest growing type of health expense in the United States, behind insurance administration overhead. Drug manufacturers should be able to profit when they bring new effective drugs to the market. Unfortunately, some of these companies appear to be exploiting Americans by dramatically overcharging customers in the U.S. These companies are selling the same drugs in Europe and Canada but charging Americans 67% more. Senator Barack Obama’s health plan will allow all Americans to buy their medications from other developed countries if the drugs are safe and the prices are lower outside the U.S. His health plan will also increase the use of generic drugs and prohibit large drug companies from keeping generic drugs out of the market. In short, Senator Obama’s plan to increase competition in the insurance and drug markets will lower the cost of prescription drugs. The 2003 Medicare Prescription Drug Improvement and Modernization Act (Medicare Part D) bans the government from negotiating directly with drug companies even though the Department of Veterans Affairs’ negotiation of prescription drug prices with drug companies has resulted in significant savings for taxpayers. Senator Obama will repeal the ban on direct negotiation with drug companies and use the resulting savings, which could be as high as $30 billion, to further invest in improving health care coverage and quality. The infamous “donut hole” that currently exists in Medicare Part D will go away under the Obama plan. Barack Obama’s health plan will modernize the U.S. health care system, contain spiraling health care costs and improve the quality and access to patient care while promoting prevention and improved public health. The benefits of an Obama health plan will support New Hampshire’s seniors as well as all Americans. Chip Moynihan, Hampton, NHRichard Shoup, Ph.D., Concord, MA

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