NEW: Congressional Democrats are considering cracking down on drug prices to help pay for President Joe Biden's infrastructure package, several lawmakers including House Majority Leader Steny Hoyer, told Insider. by @leonardkl ($) in @thisisinsider businessinsider.com/infrastructure…
Such a provision would be included in a package that lawmakers hope to pass by July 4 — if they can gain enough support for it.
Under such a proposal, the government would play a bigger role in controlling drug prices, which would mean it spends less on prescriptions under Medicare, which mostly pays for healthcare for seniors.
The savings would then be redirected to pay for the construction and maintenance of roads, bridges, waterworks, and other public facilities.
"That will be part of the discussion," Hoyer said in a call with reporters Tuesday when @thisisinsider asked about the possibility of tucking drug price negotiation provision into a stimulus package. But he added that he didn't want to "anticipate the result of that discussion."
Capitol Hill is already abuzz about what they consider Biden's next priority, even before he signs a $1.9T coronavirus relief bill into law. POTUS has said he wants a multi-T$$$ infrastructure package for the nation's economic recovery as coronavirus pandemic comes under control.
Biden also promised during his 2020 campaigns to support government drug price negotiation but hasn't said whether he would push for it this year or do it through an infrastructure package.
Democrats in Congress are eager to fill in the blanks where Biden has provided few details about his plan. His infrastructure proposal is widely expected to contain renewable energy components, but many Democrats hope it'll stretch into even more policy areas.
They want to give the government a greater role in bringing down Rx drug prices, including by penalizing pharmaceutical companies that hike prices at a rate greater than inflation. There are also talks about going even further by authorizing the government to set drug prices.
The US spends more on prescription drugs than any other developed country because the government for the most part does not regulate their prices. Democrats have said for years that one of their biggest priorities is to change that.
"It's definitely under consideration for the next reconciliation package," Democratic Rep. John Yarmuth of Kentucky, who leads the House Budget Committee, told Insider.
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