Lower Costs, More Cures Act of 2021

The Lower Costs, More Cures Act of 2021 (S. 2164) aims to reduce prescription drug prices by increasing transparency and restructuring payment systems within Medicare and Medicaid. For seniors, the bill would establish a first-ever annual cap on out-of-pocket drug costs under Medicare Part D and allow for more flexible insurance plan options. Additionally, the legislation seeks to lower costs for all consumers by requiring pharmacy benefit managers to disclose financial data regarding rebates and discounts, while also creating a federal Chief Pharmaceutical Negotiator to address drug pricing in international trade.