Politics

Buttigieg Reveals Plan To Significantly Lower Prescription Drug Prices

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2020 Democratic presidential candidate Pete Buttigieg revealed a plan Monday to significantly lower prescription drug prices.

The proposal called “Pete’s Affordable Medicines for All” aims to “dramatically” cut drug prices and force pharmaceutical companies to “pay their fair share,” according to his website.

“We’ve reached a breaking point: Medications in the U.S. are more expensive than anywhere else in the world. That’s why today I’m announcing Affordable Medicine for All, a plan to reduce Rx drug costs, take on drug companies and encourage innovation,” Buttigieg wrote in a Monday tweet along with a video addressing the issue of high drug prices in the U.S.

We’ve reached a breaking point: Medications in the U.S. are more expensive than anywhere else in the world. That’s why today I’m announcing Affordable Medicine for All, a plan to reduce Rx drug costs, take on drug companies, and encourage innovation: https://t.co/GwVXnxLYbr pic.twitter.com/zIhBLBCWqg

— Pete Buttigieg (@PeteButtigieg) October 7, 2019

The South Bend, Indiana, mayor’s proposal aims to cut out-of-pocket drug spending for senior Medicare recipients by at least 50% and cap out-of-pocket prescription drug spending at under $250 per month for everyone under his plan, compared to fellow Democratic candidate Sen. Bernie Sanders’s health care plan, which would cap out-of-pocket spending at $200 per year.

Pete Buttigieg has a plan out this morning to cut prescription drug costs. He caps Rx out-of-pocket spending at $250/mo. ⁦@BernieSanders⁩’ plan would cap it at $200/yr. pic.twitter.com/CvOSPtjUPF

— Cara Korte (@CaraKorte) October 7, 2019

The plan would also make co-payments $0 for low-income Medicare and Medicaid recipients and lower annual out-of-pocket drug spending for middle-class recipients with cancer or other illnesses.

Buttigieg’s proposal additionally aims to “guarantee” that no person with diabetes dies from rationing insulin and help end the opioid crisis by “dramatically” lowering the cost of naloxone — a drug used to wean people off opioids.

“Drugs in the United States are more expensive than drugs anywhere else in the world. Americans pay an average of $600 a year more for prescription drugs than residents of most other developed countries. While millions of Americans struggle to pay for medicine, pharmaceutical companies … remain the most profitable companies in the entire health industry,” his plan reads.

Creating a system to lower drug prices and health insurance has been a major priority for many 2020 presidential candidates. Warren, for example, introduced a plan in December 2018 that would create a government-run pharmaceutical manufacturer that would make low-cost generic drugs to compete with the private market.

Several candidates have proposed universal health care plans, such as Sanders, Massachusetts Sen. Elizabeth Warren, New Jersey Sen. Cory Booker, California Sen. Kamala Harris and former Texas Rep. Beto O’Rourke.