Health Committee Chairs’ Statement on CBO Analysis of H.R. 3

Washington, D.C. – Education and Labor Chairman Bobby Scott (D-VA), Energy and Commerce Chairman Frank Pallone, Jr. (D-NJ), and Ways and Means Chairman Richard E. Neal (D-MA) released a joint statement today on the Congressional Budget Office’s (CBO) initial analysis of H.R. 3, the Lower Drug Costs Now Act of 2019. The CBO estimates savings from Title I of the bill to Medicare of $345 billion between 2023-2029: 

“The CBO analysis confirms that H.R. 3 lives up to its name of lowering prescription drug costs for the American people.  For too long, American families have been price gouged at the pharmacy counter, while consumers in other countries pay significantly less for the same drugs. This initial analysis proves that H.R. 3 will effectively rein in the soaring cost of prescription drugs and level the playing field for American patients.  Not only will H.R. 3 save consumers money, it will also provide tremendous savings to American taxpayers. We look forward to reviewing CBO’s more comprehensive score of the entire legislation soon, and to working with members to reinvest these savings into strengthening health care for the American people and searching for new treatments and cures.”