Rosen, Cornyn Introduce Legislation to Lower Out-of-Pocket Prescription Drug Costs for Seniors with Chronic Health Conditions

WASHINGTON, DC - U.S. Senators Jacky Rosen (D-NV) and John Cornyn (R-TX) introduced the Share the Savings with Seniors Act to lower out-of-pocket prescription drug costs for seniors with chronic health conditions. Specifically, this bipartisan bill would reduce costs for Medicare patients with chronic health conditions by calculating their coinsurance costs based on the net price of the drug, rather than the more costly list price of the drug.

"For far too long, Nevadans have been forced to pay extremely high prices for prescription drugs, and I believe no one should have to break the bank to pay for life-saving medication," said Senator Rosen. "That's why I'm introducing a bipartisan bill to lower out-of-pocket costs for prescription drugs for Nevada seniors and reduce the amount of money they have to pay at the pharmacy counter. I'll keep working with anyone - Republican, Democrat, or Independent - to bring down costs for families in our state."

"PBMs and insurers have long been reaping the cost benefits of negotiating with drug manufacturers on seniors' behalf, which drives up costs for prescription drugs and sticks the patient with a higher bill," said Senator Cornyn. "By requiring rebate savings to pass to Medicare Part D beneficiaries for medicines that treat chronic conditions, this legislation would lower out-of-pocket costs for seniors and alleviate the financial burden they face at the pharmacy counter."

As co-founder and co-chair of the Senate's bipartisan Comprehensive Care Caucus, Senator Rosen has been a leader in helping lower costs for Nevada's seniors. Earlier this year, Rosen and Cornyn introduced the Reducing Drug Prices for Seniors Act, which would also help directly reduce out-of-pocket costs for medications for seniors on Medicaid. Last year, Rosen helped pass the bill that gave Medicare the power to negotiate for lower prescription drugs and cap the price of insulin at $35 a month. At the beginning of this year, Senator Rosen announced the start of a cap on prescription drug prices for Nevada seniors that she helped pass.

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