Senate committee unveils ambitious plan to cap drug price hikes, out-of-pocket expenses
WASHINGTON — A key Senate committee on Tuesday unveiled a long-awaited package of drug pricing reforms that would cap how much drug makers can hike their prices in Medicare. It would also cap out-of-pocket expenses for Medicare beneficiaries and dramatically reform the program’s prescription drug benefit.
The bipartisan effort, spearheaded by Sens. Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.), is projected to save the federal government $85 billion on drug spending over the next decade.
