(Host) Congressman Peter Welch wants the government to start negotiating Medicare prescription drug prices.
At a Capitol news conference yesterday, Welch said he’s introducing a bill requiring that the federal government bargain with pharmaceutical companies to bring down drug prices for Medicare Part D.
Welch says it could save taxpayers $156 billion over ten years.
(Welch) "Even though Congress and the American taxpayer is buying wholesale, it’s paying retail, all because the Congress previously prohibited price negotiations when you’re doing wholesale or bulk purchasing. It makes absolutely no sense."
(Host) The proposal was included as part of the health reform bill that cleared the House, but didn’t make it into the Senate version.
Welch says as a stand-alone bill it has bi-partisan support. Right now, it has one Republican co-sponsor.