Democrats said they reached a deal to help rein in prescription drug costs as part of the Build Back Better Act. The provision would allow the government to negotiate prices for Medicare prescriptions for the first time. But drug companies would have patent exclusivity for nine to 12 years before the government could begin those negotiations. The legislation would also ban pharmaceutical companies from raising prices quicker than inflation and cap out-of-pocket expenses for seniors on Medicare at $2,000 per year. This is Senate Majority Leader Chuck Schumer announcing the deal Tuesday.

Majority Leader Chuck Schumer: “Fixing prescription drug pricing has consistently been a top issue for Americans year after year, including the vast majority of both Democrats and Republicans, who want to see a change because they simply cannot afford their medications.”