Landsman Introduces Bipartisan Legislation to Lower Prescription Drug Costs and Save Seniors Millions

Cincinnati, OH – Today, Congressman Greg Landsman (D-OH-01) and Congresswoman Diana Harshbarger (R-TN-01) introduced bipartisan legislation to help lower prescription drug costs for millions of seniors.

Congressman Landsman and Congresswoman Harshbarger introduced the bipartisan Saving Seniors Money on Prescriptions Act – legislation to help lower the costs of prescription drugs for seniors covered by Medicare Part D and Medicare Advantage plans by increasing oversight of Pharmacy Benefit Managers.

The Saving Seniors Money on Prescriptions Act requires Pharmacy Benefit Managers (PBMs) – third-party companies that conduct prescription drug negotiations between the manufacturers with insurance companies – to report the cost savings they achieve. Current federal law does not require PBMs to report these savings.

The Saving Seniors Money on Prescriptions Act will be referred to the House Committee on Energy and Commerce.

Congressman Landsman:

“As a member of the Energy and Commerce Committee, I’ll do everything I can to get this done. It’s time to rein in these PBMs and their role in negotiating prescription drug deals for seniors. They shouldn’t be outpricing folks on life-saving medications for their own benefit. Our bipartisan bill will bring more transparency and save seniors millions of dollars.”

Congresswoman Harshbarger:

“Countless seniors in Tennessee and across the country face challenges with high out-of-pocket prescription drug costs, and they should not be victims of PBMs’ outrageous predatory price gouging on life-saving medicines. This bill will force PBMs to step into the sunlight by reporting the cost savings they achieve, providing much-needed transparency and accountability. We must do everything we can to rein in these shadowy, self-dealing middlemen, and this bill is a crucial step in that direction.”

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