Sen. Joe Manchin Must Vote for Build Back Better Immediately to Lower Drug Prices for Everyone
By Alex Lawson
On November 19th, the House passed the Build Back Better Act. Among the bill’s most popular provisions are several steps towards lowering prescription drug prices. Now, the bill goes to the Senate. It is a moral and political necessity for Senate Democrats to pass Build Back Better into law swiftly and without weakening any of the drug pricing provisions.
Not surprisingly, the PhRMA lobby hates the drug pricing reforms in Build Back Better. Currently, pharmaceutical corporations can charge as much as they’d like for prescription drugs, and they are desperate to keep it that way. Any delay in passing Build Back Better into law gives PhRMA lobbyists more time to weaken it.
That’s why Senator Joe Manchin’s threats to delay a Build Back Better vote until 2022 are so dangerous. Manchin has already undermined Build Back Better by demanding the removal of one of the bill’s most popular policies — expanding Medicare to cover dental and vision coverage. However, Manchin claims to support drug pricing reform. If he means it, he must support holding a vote on Build Back Better as quickly as possible.
It isn’t just Democratic voters who support Build Back Better’s drug pricing reforms. They are extremely popular among Republican and Independent voters as well. Not only is lowering drug prices a moral imperative, it’s also a political necessity.
Build Back Better would give Medicare the power to negotiate lower prices on 30 of the most expensive prescription drugs. This is an important step towards giving Medicare the power to negotiate lower prices on all drugs. Ninety-three percent of Democratic voters support this policy — as do 81 percent of Independents and 78 percent of Republicans.
In the last decade, drug prices rose three times faster than the rate of inflation. Build Back Better would effectively prevent this from happening in the future by requiring drug companies to pay a fine when they raise prices faster than inflation. This means that regardless of if you are on Medicare or private insurance or uninsured, no drug price will go up faster than the rate of inflation. This provision is supported by 92 percent of Democrats, 83 percent of Independents, and 78 percent of Republicans.
Additionally, Build Back Better would add a $2000/year cap on out-of-pocket prescription drug spending for Medicare beneficiaries. This would transform the lives of seniors across the country, who are currently forced to choose between filling their prescriptions and paying their rent. Eighty-four percent of Democrats support this cap. So do 77 percent of Independents and 74 percent of Republicans.
No prescription drug shows the depths of Big Pharma’s greed better than insulin. Pharmaceutical corporations are colluding to raise the price of insulin, which has tripled in the last decade. Build Back Better would save and improve the lives of Americans with diabetes by adding a $35/month cap on insulin co-pays, as well as giving the government the power to negotiate a lower price. Ninety-four percent of Democrats support this plan, along with 84 percent of Independents and 82 percent of Republicans.
Together, Build Back Better’s drug pricing reforms are a strong first step towards addressing the outrageous prices of prescription drugs. A promise to lower drug prices was central to President Biden’s presidential campaign, and to the campaigns of Democrats across the country. By passing Build Back Better into law, Democrats will ensure that they can go back to voters before the 2022 midterms and tell them they’ve kept that promise.
I take Sen. Manchin at his word that he wants to address the outrageous drug price inflation that we have been living under for decades. But, if he holds up Build Back Better from passing the Senate, even for a day, then he will show himself to be a liar about taking on Pharma.
Alex Lawson (@alaw202) is the Executive Director of Social Security Works.