Miller-Meeks, Ross, Carter, Peters Introduce the Share the Savings with Seniors Act

WASHINGTON, D.C. – U.S. Representatives Mariannette Miller-Meeks (IA-01), Deborah Ross (NC-02), Earl L. “Buddy” Carter (GA-01) and Scott Peters (CA-50) today introduced the Share the Savings with Seniors Act, legislation that ensures senior patients with chronic medical conditions are able to directly benefit from the savings that plans and pharmacy benefit managers (PBMs) negotiate on their behalf. 

This legislation is the House companion to S.2474, the Share the Savings with Seniors Act introduced by U.S. Senators John Cornyn (R-TX), Tom Carper (D-DE), Thom Tillis (R-NC) and Sherrod Brown (D-OH). 

“The Share the Savings with Seniors Act lowers out-of-pocket costs for our seniors with chronic medical conditions,” said Representative Miller-Meeks. “In today’s economy, where we are battling debilitating inflation rates and skyrocketing prescription prices, our seniors are often looking for financial relief without sacrificing the quality of their medications. That is why I am proud to introduce the Share the Savings with Seniors Act, a bill that dispenses rebates directly to seniors with chronic medical conditions. I urge my colleagues to support this legislation and lower out-of-pocket costs for seniors.”

“By requiring prescription drug savings negotiated by PBMs to be passed on to patients, the Share the Savings with Seniors Act will enable seniors to pay lower prices for medications for chronic conditions,” said Representative Ross. “As North Carolina's seniors struggle with the high cost of prescription drugs, this bill will ensure that negotiated savings benefit patients, not just corporate middlemen. I'm proud to join Congresswoman Miller-Meeks in leading this important bill to lower health care costs.” 

“PBMs are notorious for pocketing savings intended to help patients afford their medication and treatments. It’s a sick way to make money. We must ensure that all savings are passed on to the patient at the pharmacy counter so that seniors and people with chronic illnesses can access the medications they need. I applaud Congresswoman Miller-Meeks for introducing this bill, which will lead to lower prescription drug prices, increase medication adherence, and give peace of mind to millions of patients,” said Representative Carter.

“Pharmacy Benefit Managers [PBMs] often talk about their ability to negotiate lower drug prices for patients, but too often, PBMs pocket these discounts and they never reach the patient,” said Representative Peters. “This bill would require PBMs to pass their discounts for chronic condition medicines on to consumers and help lower Americans’ drug costs at the pharmacy counter.”  

Background: 

• The Share the Savings with Seniors Act would require that patient cost-sharing for medicines used to treat certain chronic conditions is based on the net price the plan pays for the medicine for Part D plans. The requirement would not apply when patient cost-sharing is a fixed copay.

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