WASHINGTON — House Speaker Nancy Pelosi on Thursday released her long-awaited plan to curb soaring prices of prescription drugs, hoping to prod the Senate to move and heat up congressional negotiations with the White House on a popular but elusive goal. Pelosi’s plan, which she laid out at a morning news conference, would allow the government to negotiate the price of insulin and as many as 250 name-brand drugs each year for Medicare beneficiaries — an idea that many Republicans are against but that President Donald Trump embraced during his 2016 campaign. Drug companies also would have to offer agreed-on prices to private insurers or face harsh penalties, which could give the package broader appeal with voters. The hit to noncompliant companies would be even stiffer than the penalty in a draft of her plan that circulated last week. The penalty extracted from a company unwilling to comply would be equal to 65% of the previous year’s sales of the drug in question, but would gradually increase by 10 percentage points every quarter that the company refused to offer the government’s price, to a maximum of 95%. Pelosi said that the House Energy and Commerce Committee would hold the first… Read full this story
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