By: Jacob Sexton — jacobs@977thebolt.com
Washington D.C. — Iowa Senator Chuck Grassley (R) is trying to deliver on his promise of lowering prescription drug prices as he has announced to be co-author of a bi-partisan bill titled the Prescription Drug Pricing Reduction Act.
He along with Oregon Senator Ron Wyden (D) introduced the bill to the Senate Finance Committee which Grassley is the chairman of. Wyden and Grassley both spoke with the media following the announcement and said that this has been in the works for 6 months and are excited to finally get a concrete plan on combatting the high prices. Tentatively the bill aims to save taxpayers $85 billion in Medicare, $27 billion in out of pocket costs, $5 billion in premiums and $15 billion in Medicaid to beneficiaries over a 10 year period.
The committee aims to modernize the prescription drug process as revisions will be made to clarify language for what is already in law. Another session for the bill will be held by the committee on Thursday.