Source: United States Senator for Colorado Michael Bennet
Watch Bennet’s Full Remarks HERE
Washington, D.C. – Today, Colorado U.S. Senator Michael Bennet, a member of the U.S. Senate Finance Committee, spoke at the Finance Committee’s hearing, “Prescription Drug Price Inflation: An Urgent Need to Lower Drug Prices in Medicare.” Bennet told the stories of Coloradans who struggle to afford the skyrocketing price of prescription drugs and urged Congress to pass legislation to lower drug prices.
“Somebody… saw a parent at the pharmacy window at their local grocery store who was there to get drugs for their kids,” said Bennet during the hearing. “They got the prescription, and they looked at the price, and they walked away from those drugs that their kid needed. And, you know, parents in other industrialized countries don’t have to do that. They don’t have to walk away from the pharmacy window. And seniors in other countries don’t have to cut their pills in half or decide whether they’re going to take their medicine or feed themselves or skip a day. So I think we want to have an aspiration of living in a country where we don’t have to do that stuff either. That’s why we are here today.”
Prescription drug costs are rising faster than other types of health services in Colorado. During his allotted time, Bennet’s statement and questions focused on the need to hold drug companies accountable to help patients access affordable, innovative therapies and improve transparency and data to better understand the entire drug supply chain.
Bennet is committed to taking action to lower prices. Last week, Bennet hosted a roundtable discussion with AARP Colorado, Colorado Consumer Health Initiative, and several Colorado patients to discuss lowering the cost of medications.
Recently, Bennet joined U.S. Senator Reverend Raphael Warnock (D-Ga.) and several colleagues to introduce new legislation that would cap the out-of-pocket cost of insulin for Coloradans and patients across the country at $35 per month. In September 2021, Bennet, Warnock and U.S. Senators Catherine Cortez Masto (D-Nev.), Maggie Hassan (D-N.H.), and Mark Kelly (D-Ariz.) introduced an amendment to the budget reconciliation framework that would reduce prices of and increase equitable access to drugs through negotiation. Bennet and U.S. Senator Tim Kaine (D-Va.) introduced the Medicare-X Choice Act, which would allow for Medicare to negotiate drug prices.
What Colorado Patients Are Saying
“I have relied on insulin since 1963. My own mother knew even back then that I would have financial difficulties because of my diabetes. It was determined in 1963 that I would live maybe 30 years and I have proven that theory wrong,” said Sue from Grand Junction. “Now they have a Walmart brand which is less expensive but like going back in time and shortening my lifespan. They even promised a generic for half the cost but it has not been produced yet. My total cost for insulin alone is $520 dollars a month. That does not include diabetes supplies to keep me alive, nor does it cover my doctor visits nor my Glaucoma medicine that protects my eyesight. It is not right that I should have to choose between bills, food or medicine.”
“I am a retired RN. Worked ICU for 44 years. I took care of patients, especially Medicare patients. They often cried and said they could not afford their meds or needed to cut their food bill. Now, I am struggling the same. Every year one of my meds costs $75 until the donut hole hits in Sept. Then it goes up to $375-$400 a month with my insurance drug plan,” shared Marti from Highlands Ranch. “I am allergic to other meds in this class therefore I must take this one. It is a med that they have been around for decades. Why? It is criminal. On behalf of my patients and myself, I demand this cost be lowered and affordable. Big pharma and insurance companies are getting rich off suffering people all over America.”
“As someone who has been facing the outrageous price of insulin for all these decades, I can’t begin to tell you how much real, comprehensive drug pricing reform would mean to me,” said Gail deVore from Denver, who lives with type 1 diabetes. “That’s why I’m grateful to you, Senator Bennet, that you’re fighting to lower drug prices for all patients so we have access to the medications we need at prices that we can afford.”