Pete released his plan this morning for lowering prescription drug prices, titled Affordable Medicine for All.
Some highlights from his campaign website:
- Cut out-of-pocket drug spending for seniors on Medicare by at least 50% by the end of Pete’s first term, including an out-of-pocket cap on prescription drug costs of $200 per month.
- Cap out-of-pocket spending on prescription drugs under $250 per month for everyone choosing public coverage under Pete’s Medicare for All Who Want It plan.
- Make co-payments for generic drugs $0 for people with low incomes insured by the public plan, Medicare, and Medicaid.
- Reduce median annual out-of-pocket drug spending for middle-class Americans on Medicare Part D living with cancer by at least $5,1007 and by at least $2,000 for those living with certain immune disorders, such as rheumatoid arthritis or multiple sclerosis.8
- Guarantee that no one living with diabetes dies from rationing insulin due to cost.
- Help end the opioid epidemic by dramatically reducing the cost of naloxone, a drug used to reverse opioid overdoses, and other medicines used to treat substance abuse.
As far as paying for the plan, from the white paper (link below):
As millions of Americans struggle to pay for drugs, pharmaceutical companies are getting richer and richer. Today, pharmaceutical companies are among the most profitable companies in the entire health industry.28 Pete will increase the annual Branded Prescription Drug Fee on drug manufacturers and importers that was established by the Affordable Care Act.29 The revenue collected by this fee will be used to help fund Americans’ access to affordable prescription drugs.
Corporate health care has prioritized profits over people, and so have politicians in Washington. Congress has actually barred the federal government from negotiating with pharmaceutical companies to make drugs more affordable for seniors. That prohibition remains in place today. We are the largest purchaser of drugs in the world. Applying Walmart logic to this business, we should be paying the lowest prices, not the highest. Pete will work for American families and employers by empowering the federal government to negotiate down the price of drugs with pharmaceutical companies. The federal government will negotiate on behalf of people covered by Medicare and the public plan.25 The negotiated rates will be available to other public plans, including Medicaid, and private plans.
More info in the pages linked below. Including footnotes, cause Pete does his homework like a Harvard and Oxford Rhodes Scholar grad.
Pete Buttigieg for President - Affordable Medicine for All
https://storage.googleapis.com/pfa-webapp/documents/PFA_Affordable Medicines for All_ white paper.pdf