Finkenauer Successfully Amends and Passes Historic Bill to Lower Prescription Drug Prices and Expand Medicare Coverage for Iowans

WASHINGTON, DC – Today, Congresswoman Abby Finkenauer (IA-01) voted to pass H.R. 3, the Lower Drug Costs Now Act, and successfully offered a bipartisan amendment that would require TV advertisements for prescription drugs to include how much a 30-day supply or typical course of treatment would cost. Requiring drug companies to disclose pricing information in advertising is something that Iowa Senator Chuck Grassley, President Trump, and members of both parties support.

“This is something I hear about in our district every time I go home and has been a top priority for me here in Congress. I’ve hosted prescription drug roundtables around our district to hear what Iowans are struggling with when it comes to prescription drug prices,” Congresswoman Finkenauer said, “We’ve got a major problem in this country and we need to fix it. The Lower Drug Costs Now Act gets at the heart of the problem - it puts people first, and it even expands Medicare for Iowans and ensures more transparency in drug costs through my amendment. I am proud of this bill and the work that has been done on it, and today we took a huge step forward in lowering the costs of prescription drugs and expanding Medicare.”

The legislation is expected to save nearly a half-trillion dollars over the next decade, and that savings would be invested to expand Medicare and provide dental, vision, and hearing services for seniors and conduct medical research at the National Institutes of Health.

H.R. 3 will lower the cost of prescription drugs by allowing Medicare to negotiate drug prices directly with pharmaceutical companies and lower costs for people who have Medicare as well as those with private insurance.

Finkenauer’s Floor Speech on Iowans’ Rx Drug Stories and Amendment on Drug Cost Transparency

While introducing her amendment on the House floor, Finkenauer shared stories from Iowans who are struggling to afford prescription drugs. After sharing those stories, Finkenauer said, “These are the reasons that we are here today, that we fight for legislation like this, that we get these things done and that we put our constituents and people over the politics that we continue to see here from the folks who would like to divide us instead of unite us.”

Full video can be found here.

Rep. Finkenauer’s amendment to H.R. 3 will require drug companies to disclose pricing information about prescription drugs and biological products when they advertise these products directly to consumers on TV.

H.R. 3 Impact on Iowa

H.R. 3 will lower the cost of prescription drugs for all Iowans, while also saving taxpayer money. The savings will be reinvested in drug research, and in closing gaps in dental, vision, and hearing services for Iowa seniors who rely on Medicare.

In Iowa’s First Congressional District, H.R. 3 will re-invest savings to address the following Medicare coverage gaps:

• 91% lack coverage for dental extractions
• 89% lack coverage for dental exams
• 86% lack coverage for hearing exams
• 86% lack coverage hearing aids
• 79% lack coverage for eye exams
• 87% lack coverage for eyeglasses

This year, Finkenauer has heard about the challenges Iowans face with prescription drug prices, including at prescription drug roundtables in Dubuque and Waterloo. Also, Iowans shared their stories with the Congresswoman through her Rx Initiative Survey.