U.S. Senators Kirsten Gillibrand (D-NY) and Richard Blumenthal (D-CT) have introduced legislation to cap the cost of prescription drugs for people on private insurance.
According to the federal Department of Health and Human Services, thousands of prescription drugs increased in cost between 2022 and 2023. Costs went up an average of 15%, and 46% of the increases were larger than the rate of inflation.
“It is all too common that patients choose to ration their medication, not fill their prescriptions, or even go without other necessities at the detriment of their own health because they cannot afford it,” Blumenthal said. “Patients across the country deserve relief when it comes to the sky-high prices of prescription drugs so they are not faced with deciding between their health and other basic necessities.”
The Capping Prescription Costs Act would cap annual out-of-pocket prescription costs at $2,000 for individuals and $4,000 for families.
“Under this bill, roughly 10 million New Yorkers, or more than 52%, would qualify to have their out-of-pocket prescription drug costs capped,” Gillibrand said.
She said she’s hoping for bipartisan support.
“This is the kind of thing that voters want,” Gillibrand said. “So I think if we can talk about it all across the country in red and blue and purple places, that people will feel that this is good for them and their families.
The proposal comes weeks after President Trump signed an executive order to reverse a Biden-era policy that reduced drug costs for people on Medicaid and Medicare.
