Commentary: Time is now to lower cost of prescription drugs

The cost savings of allowing Medicare to negotiate for lower drug prices could have the ability to save Americans more than $150 billion. It also has the ability to save the federal government $500 billion. Just think what our neighbors, as well as the government, could do with those saved funds to improve health care and close disparity gaps.”

People from all walks of life are struggling to afford the high cost of health care in this country. As it stands, too many Americans are forced to make impossible choices between accessing lifesaving prescription drugs or putting food on the table or paying rent. Millions of people in places like Florida, Texas and Georgia are locked out of affordable coverage because of state leaders’ refusal to expand Medicaid. Families across the country are struggling to afford health care premiums and are delaying or forgoing essential care because of cost. And our nation’s seniors and people with disabilities are still denied vision, dental and hearing coverage.

The pandemic has only laid bare these high costs and alarming inequities in our health care system, and without bold action, I fear skyrocketing health care costs will continue to plague American families for years to come. Polling has shown that 80% of Delawareans are concerned about the cost of prescription drugs.

A quarter of Delawareans have forgone medications to pay for essential items and bills. In 2021, 25% of Delaware voters reported that they or someone in their household could not afford a prescribed medication.

The same vial of insulin that was about $21 in 1998 was about $300 in 2018. That is not the cost of just doing business. It’s not the cost of research. It is not the cost of the work that is behind the medication.

It doesn’t have to be this way. Delawareans, as well as all Americans, shouldn’t have to worry about the continuing cost of health care. We need a way to lower health cost, expand cover and reduce racial disparities in care. No one ought to have to choose between needed medicine costs and other household expenses.

Currently, there is language available in Congress that would allow Medicare the power to negotiate for lower drug prices, close the Medicaid gap, expand Medicare benefits to include hearing, dental, and vision, and make the health provisions of the American Rescue Plan permanent, so millions can continue to access low-cost health insurance.

The cost savings of allowing Medicare to negotiate for lower drug prices could have the ability to save Americans more than $150 billion. It also has the ability to save the federal government $500 billion. Just think what our neighbors, as well as the government, could do with those saved funds to improve health care and close disparity gaps.

Delawareans overwhelmingly support allowing Medicare to negotiate better drug prices. A 2021 poll from the West Health Institute found that 88% of Delaware voters support allowing Medicare to negotiate directly with drug companies for lower prices.

We need to fight now to have our voices heard and tell those that represent us in Congress that we have had enough! I am working on behalf of all Delawareans and all Americans to make health care a right, not a privilege. I urge my colleagues to stand with me. It’s time to give Americans this much-needed relief — it’s not only smart policy, but it’s the right thing to do.

Colleen Davis is Delaware’s state treasurer.