Senate panel advances drug-pricing legislation

The Senate Finance Committee advanced a sweeping bipartisan bill to address prescription drug pricing in the U.S. on July 25, according to STAT news. 

The called "The Prescription Drug Pricing Reduction Act of 2019," was introduced by Sens. Chuck Grassley, R-Iowa, and Ron Wyden, D-Ore. It addresses drug costs in Medicare Parts B and D, as well as Medicaid. 

The bill passed the committee by a vote of 19-9. The full Senate is expected to vote on the bill in September.

The main components of the bill include a cap on out-of-pocket spending in Medicare Part D and a limit on prescription drug price hikes. In addition, it encourages more price negotiation between insurers and drugmakers. 

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