Prescription drug prices are the next hurdle in the race toward affordable health care

Now that Congress has passed the debt ceiling increase, there is a ripe opportunity for legislators to identify bipartisan areas of cooperation for the remainder of the 118th Congress.

Although the coverage of contentious debt negotiations could leave one feeling pessimistic about the possibility for legislative action, I am forever an optimist. And I’d encourage any members on Capitol Hill looking for such opportunities to pick up the baton and carry forward the work to address an issue that continues to be a struggle for American families: lowering the cost of prescription drugs. 

In my 40 years in Congress, I saw how hard-entrenched interests pushed to keep prescription drug prices high. Without congressional leaders acting, those who profit from unaffordable medications will continue to make that push and lead in the race. I was proud to work with my colleagues to make important medicines more accessible for American families. Together we advanced bipartisan legislation like the Hatch-Waxman Act that gave rise to the generic drug industry, saving the American people well over $1 trillion and making it easier for them to get the drugs they need without breaking the bank. 

My colleagues and I then passed the baton to a new generation of leaders, who continued that progress by enacting the Inflation Reduction Act (IRA) last year, an historic milestone in the race to drug affordability. The IRA’s signature drug policy achievement — requiring the federal government to negotiate prices for certain high-cost drugs covered under Medicare — will finally start to bring American drug costs more in line with our international peers, who have long been negotiating with pharmaceutical manufacturers. The IRA includes many meaningful drug pricing advances, including requiring drug makers to pay rebates to Medicare if they raise prices faster than the rate of inflation, limiting the Medicare out-of-pocket cost for insulin to no more than $35 per month, and eliminating cost-sharing for lifesaving vaccines covered under Medicare Part D. 

Looking ahead, the law will also help close the “donut hole” for beneficiaries facing high out-of-pocket costs once their coverage limit kicks in and will expand eligibility for full Part D Low-Income Subsidies to help the most vulnerable afford their medications.

But the data show we have more to do.

A concerning report issued by the Federal Reserve showed a recent uptick in the number of Americans who avoided necessary medical care because of the cost, and prescription medicines were one of the most skipped treatments. Just last month, the Centers for Disease Control and Prevention (CDC) released new data showing that more than 9 million Americans aren’t taking their medications as prescribed due to the cost. It’s clear the American people need additional relief.

We are entering a new leg of the race to lower prescription drug costs, and patients across the country need the 118th Congress to grab the baton as we’re picking up momentum. The American people are cheering on from the sideline in a near-unanimous uproar, with a majority of both Democratic and Republican voters agreeing that more government action is needed. Congress would be wise to listen.

First and foremost, that means ensuring the IRA is fully implemented. With 89 percent of the public supporting government negotiation of lower drug prices, members of Congress would be wise to partner with federal agencies to ensure a robust implementation of the law. As they head home for the summer recess, members and their staff should also consider opportunities to help constituents understand the benefits this legislation will have for them, their families and friends, to make clear their needs are being heard and addressed.

Second, Congress should bring to the floor and enact legislation to build upon this work. Congress has an opportunity this year to help bring affordable generic drugs to market faster and make it easier for people to access the medications they need. Already, the Senate Health, Labor, Education and Pensions (HELP); Commerce; and Judiciary committees and the House Energy and Commerce Committee have advanced bills this year that would ease the processes for generic companies to make less costly alternatives for expensive medicines and make it harder for brand name companies to block competition from generic drugs.  

Together, these bills represent a key opportunity to advance a fairer and more affordable prescription drug market. For the sake of the people’s pocketbooks and their health, the 118th Congress must continue momentum on lowering drug prices and get us closer to the finish line of achieving affordable health care for all. 

Henry A. Waxman represented California’s 33rd Congressional District from 1975 to 2015. He now chairs Waxman Strategies, a public interest firm working on health care and environmental policy.