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Committee on Ways and Means For Immediate Release Myth vs. Truth on Prescription Drugs Fact Check, Mr. Gephardt - Gephardt Myth: “…senior citizens who have urged the Congress to cut prescription drug prices so hard-working families could afford them. In this Congress, Republicans have failed these families…” (September 24, 2002) Truth: Overall out-of-pocket drug costs would fall by as much as 70 percent under the House Republican prescription drug bill. Seniors will save 65 to 80 percent at the pharmacy. (Source: Study by the Department of Health and Human Services, HHS) *** Gephardt Myth: “This (S. 812, Greater Access to Affordable Pharmaceuticals Act of 2002/Senate-passed generic drug bill) simple legislative step could cut prescription drug prices by about 60 percent.” (September 24, 2002) Truth: The House bill saves seniors almost 90 times more than the generic drug bill passed in the other body. The House passed bill would save the average senior $940 annually, while the Senate’s generic bill only saves 0.5 percent on drugs. (Source: Congressional Budget Office, CBO) Seniors need meaningful coverage for prescription drugs, not temporary fixes to the price of drug products. *** Gephardt Myth: “That bill (House Republican) secured the profit priorities of our Nation’s big drug makers over, and at the expense of, our Nation’s senior citizens.” (September 24, 2002) Truth: The GOP bill exempts the new benefit from Medicaid’s “best price” requirement, which sets an artificial floor below which drug prices cannot sink. This provision alone will save $18 billion, right out of the drug manufacturer’s bottom line. (Source: CBO) The Democrats have no provision on “best price.” *** Gephardt Myth: “We should, and we must, vote to lower prescription drug prices for all Americans.” (September 24, 2002) Truth: The Medicare Modernization and Prescription Drug Act is the BEST bill to reduce prescription drug costs. (Source: CBO) No other Medicare prescription drug bill has been assigned a higher cost management factor than the Medicare Modernization and Prescription Drug Act. (Source: CBO) *** Gephardt Myth: “The Republican bill represented fraud and it represented a farce. It covered barely a fraction of America’s senior citizens.” (September 24, 2002) Truth: Ninety-six percent of seniors would be covered under the GOP prescription drug program. (Source: CBO) |