STAT Plus: Congressional Budget Office says Pelosi drug pricing bill could save $345 billion
A controversial prescription drug pricing bill championed by House Speaker Nancy Pelosi (D-Calif.) would reduce federal spending on Medicare Part D by $345 billion between 2023 and 2029, mostly thanks to a provision that ties prices to what some other countries pay for medicines, according to an analysis released late last week by the Congressional Budget Office.
At the same time, the legislation would have “broad effects” on the pharmaceutical market by “immediately” lowering current and future revenue for drug makers. The agency estimated that a $500 billion to $1 trillion drop in revenue would, in turn, reduce the number of drugs launched by anywhere from eight to 15 over the next decade, since companies could be expected to cut R&D spending.
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