Mike Bloomberg 2020

Drug Prices

Americans pay much more for prescription drugs than people in many other countries. Some brand-name drugs can cost five to ten times more in the United States. And the problem is getting worse under President Trump. As 2020 began, more than 60 drug makers raised the prices of hundreds of drugs.

Mike will lower drug prices by taking common-sense steps. He will work with Congress to give Medicare the power to negotiate prices with drug companies. And he will cap Medicare beneficiaries’ out-of-pocket spending on drugs at $2,000 per year.

Mike’s Plan:

  • Give Medicare the power to negotiate prices with drug companies
  • Cap Medicare beneficiaries’ out-of-pocket spending
  • Change patent laws to get generic drugs on the market faster
  • Leverage the federal government’s investments in drug research

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Mike’s Plan:

Give Medicare the power to negotiate prices with drug companies

Negotiation is one of the best ways to keep drug prices down. Mike will work with Congress to give Medicare the power to negotiate on behalf of the 43 million Americans who participate in the Medicare (Part D) drug insurance program. Private insurance companies will be able to use the government-negotiated price.

Cap Medicare beneficiaries’ out-of-pocket spending

Mike will cap Medicare beneficiaries’ out-of-pocket spending on drugs at $2,000 per year to protect Americans from overwhelming drug bills.

Mike will lower drug prices and help millions of Americans save money on their medical bills.

Change patent laws to get generic drugs on the market faster

Mike will limit each new drug to a single patent lasting 20 years. This will speed up the time it takes for cheaper generic drugs to come on the market.

Leverage the federal government’s investments in drug research

The federal government makes enormous investments in drug research. Mike will make sure drug companies pay royalties to the government on any new drug that’s developed via federally-funded research. This revenue could be used to lower drug prices in Medicare (Part D) or fund new research.

Learn more about Mike’s Drug Prices policy

Mike’s Record:

Mike has long been committed to lowering drug prices.

As mayor, Mike launched the BigAppleRx prescription card, which offers substantial discounts on prescription drugs to New York City residents. The card is still available to all New Yorkers, regardless of age, income, citizenship or health insurance status.

Learn More About Mike's Plans