A northern Michigan lawmaker wants the federal government to be able to negotiate drug prices for Medicare Part D recipients - a move that could save the government billions of dollars.
Since Medicare Part D was established in 2004, the federal government has been barred from negotiating directly with pharmaceutical companies to lower drug prices.
Congressman Bart Stupak wants to change that.
He and 68 other U.S. Representatives are urging House Speaker Nancy Pelosi to support legalizing direct negotiations with drug companies.
"Right now, we the federal government, negotiate drug prices for the veterans administration, and the prices and the cost to veterans' is probably about 40 percent less than what senior citizens are paying for the same drug," said Stupak, "because we use the purchasing power of the federal government to drive down the cost of those drugs."
Stupak says the provision could save the federal government over $150 billion over the next 10 years.
