DRUG COMPANIES REAP PROFITS OFF MEDICARE PART D

07/26/2006

Klobuchar Calls on Congress to Negotiate Drug Prices for America’s Seniors, Not America’s Drug Makers

A news report in the New York Times shows that Medicare Part D, intended to help America’s seniors afford prescription drugs, has been a windfall for America’s largest drug companies as it has increased profits and boosted stock values.  According to Wall Street analysts, drug companies are reaping millions in new profits from increased prescriptions and higher drug prices.  U.S. Senate candidate and County Attorney Amy Klobuchar issued the following statement:

“Today’s report confirms what we already know—Medicare Part D was written first and foremost for America’s drug companies, not America’s seniors,” said Klobuchar. “The administration and Congress sold America’s seniors short when they banned the federal government from negotiating with the drug companies to get lower prices for prescription drugs.  We need to take immediate action to lower drug prices for seniors.”

Yesterday, Klobuchar released a series of ideas on how to make healthcare more affordable for Minnesotans.  Klobuchar has advocated lifting the cap on prescription drug price negotiation to save up to $90 billion a year, ending taxpayer subsidies for drug advertising and allowing the safe re-importation of prescription drugs to reduce the cost to consumers.  Greater details on Klobuchar’s ideas for improving America’s health care policy and making health care affordable can be found at http://www.amyklobuchar.com