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Medicare Part D a Boon for Drug Companies, House Report Says (Nicole Gaouette)

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Medicare Maze

Taxpayers pay up to 30% more for prescriptions under the privately administered program than under Medicaid, the House Committee on Oversight and Government Reform finds.

WASHINGTON -- U.S. drug manufacturers are reaping a windfall from taxpayers because Medicare's privately administered prescription drug benefit program pays more than other government programs for the same medicines, a House committee charged in a report Thursday.

The House Committee on Oversight and Government Reform found that taxpayers are paying up to 30% more for prescription drugs under Medicare's privatized Part D program for seniors and the disabled than under the government's Medicaid program for the poor.

"Medicare Part D has given the major drug companies a taxpayer-funded
windfall worth billions of dollars," said committee Chairman Henry A. Waxman (D-Beverly Hills).

Waxman said he would introduce legislation to guarantee that federal taxpayers would not be charged higher prices under Medicare Part D than under Medicaid.

"This is an enormous giveaway. And it has absolutely no justification," he said.
 
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Read More: LA Times

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