Senate Finance Committee minority staff has released a request for information outlining three policy options aimed at lowering prescription drug prices, reducing patient out-of-pocket costs and supporting biopharmaceutical innovation.
The proposal, released June 16, builds on a February plan led by Sen. Ron Wyden, D-Ore., and several Senate Democrats and is the latest in a string of Democratic actions targeting drug pricing under the Trump administration. Most recently, Mr. Wyden and 18 fellow Senate Democrats introduced the Drug Deal Disclosure Act in April, which would require HHS to release contracts and communications tied to the administration’s drug pricing agreements with major pharmaceutical companies and direct the Congressional Budget Office and Government Accountability Office to analyze their impact on Medicare, Medicaid and patient costs.
Here are four things to know:
- Committee staff conducted listening sessions with more than 70 organizations representing patients, consumers, researchers, insurers and pharmaceutical companies before developing the request for information. Stakeholders have until Aug. 17 to submit comments.
- The first policy area concerns lowering drug prices through expanded Medicare drug price negotiations, stronger inflation rebate policies and potential subscription payment models for medications used by broad populations, including GLP-1 drugs. The proposal recommends expanding the number of Medicare negotiation-eligible drugs beyond the current schedule of 10 drugs in 2026, 15 drugs in 2027 and 2028, and 20 drugs in 2029 and beyond.
- The second section concerns measures to reduce patient costs, including expanding Medicare cost-sharing caps, increasing eligibility for prescription drug assistance to low-income patients and addressing pharmacy benefit manager practices that may contribute to higher drug spending. Additional proposals include restructuring Medicare Part D cost-sharing, improving access to generic and biosimilar drugs, and increasing transparency around PBM business practices.
- The third section concerns ways to bolster biopharmaceutical innovation, including new incentives for academic research, support for small biotechnology companies, increased clinical trial participation and efforts to recruit and retain scientific talent in the United States. The innovation section also detailed tax incentives, public-private partnerships and policies intended to strengthen domestic biomedical research and drug development.
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