Sherrill Advances Prescription Drug Relief for New Jersey Residents
Washington, DC -- Representative Mikie Sherrill (NJ-11) voted today to slash costs for prescription drugs for New Jersey families and seniors. The bipartisan Lower Drug Costs Now Act of 2019 (H.R. 3) gives Medicare the power to negotiate directly with drug companies and creates a new, $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries. Sherrill had a direct hand in the bill’s text, successfully including her legislation to direct a $10 billion investment in the National Institutes of Health for cancer, rare diseases, and antibiotic resistance research. Savings from H.R. 3 will be used to fund this $10 billion investment.
“I came to Washington to fight for New Jersey families and lower the cost of prescription drugs,” said Representative Mikie Sherrill. “No New Jerseyan should be forced to make the choice between filling a prescription for insulin and putting food on the table. But there are residents in my community who face that choice every day. This bill will meaningfully lower prescription drug prices for insulin and other life-saving drugs, and make important investments to address other health care priorities. I will continue to work to improve the health and financial security of New Jersey families.
“The biopharmaceutical industry in New Jersey has contributed some of the most significant medical innovations in our history, and drives breakthrough treatments in areas like rare diseases,” Representative Sherrill continued. “My bill invests billions in savings from H.R. 3 back into the National Institutes of Health, a building block of the biomedical innovation ecosystem, so we can continue to develop life-saving treatments that help Americans. Including my legislation in H.R. 3 is a recognition of the importance of biomedical research and a critical investment in our future.”
Key provisions of H.R. 3:
- Gives Medicare the power to negotiate directly with the drug companies, and creates new tools to achieve real price reductions, while ensuring seniors never lose access to the prescriptions they need;
- Makes the lower drug prices negotiated by Medicare available to Americans with private insurance, not just Medicare beneficiaries;
- Creates a new, $2,000 out-of-pocket limit on prescription drug costs for Medicare beneficiaries;
- Reinvests in the most transformational improvement to Medicare since its creation – delivering vision, dental, and hearing benefits – and advancing the search for new cures.