Prescription Drug Affordability Act

H.R. 2801, the Prescription Drug Affordability Act, proposes to lower medication costs for seniors and expand access to lower-priced pharmaceuticals. The bill would create a federal tax credit for individuals of Social Security retirement age, covering 80% of their out-of-pocket expenses for prescription drugs not paid for by insurance.

Additionally, the legislation would make it easier for individuals and businesses to import FDA-approved prescription drugs from other countries, potentially increasing competition and lowering prices. It also includes protections for the legal sale of prescription medications through the internet, provided the sellers comply with federal and state safety regulations.