The Congressional Budget Office continues to believe that much ballyhooed efforts to negotiate lower drug prices for seniorsÃ‚Â won’t work.
Both of Minnesota’s senators — Democrat Amy Klobuchar and Republican Norm Coleman — supported an unsuccessful effort to bring the plan to a vote in the U.S. Senate today.
ButÃ‚Â in this report, delivered to the Senate last Friday, CBO saysÃ‚Â the Senate version of the Medicare Prescription Drug PriceÃ‚Â Negotiation Act of 2007 will, like its House counterpart,Ã‚Â do little or nothing to reduce drug prices overall.Ã‚Â
The problem, CBO reports, is the same as with the House bill. The legislation prevents Medicare from establishing a restrictive formulary of preferred drugs. Without that, CBO says, the program will have no leverage beyond that possessed by individual prescription drug plans serving the program now.