WASHINGTON (Pakistan Point News / Sputnik - 20th September, 2019) US House Speaker Nancy Pelosi and Senator Chuck Grassley's proposed bills to reduce the costs of US medications are welcome and should be supported in a bipartisan way, President Donald Trump said in a statement.
In July, the Senate Finance Committee passed a drug price reduction bill, co-sponsored by Grassley and Senator Ron Wyden, that targeted pharmaceutical manufacturers with financial penalties if their price rises were higher than current inflation rates.
Grassley has advised the Republican majority that runs the Senate to support his legislation before Pelosi and the Democratic majority in the House of Representatives persuade Trump to support a more left-leaning or socialist bill.
The price of 3,400 drugs rose by 10.5 percent in the first half of 2019 with 40 drugs rising by more than 100 percent, according to Rx Savings Solutions. A Health Cost Institute report found that insulin prices doubled from 2012 - 2016.