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Drug giants lobby hard to roll back seniors' discounts [Los Angeles Times (CA)]

Johnson & Johnson (JNJ)  More Company Research Source: Los Angeles Times
Last johnson & johnson earnings: 10/16 06:40 am Check Earnings Report
US:NYSE Investor Relations: jnj.com
PDF Drug giants lobby hard to roll back seniors' discounts Pharmaceutical giants have been quick to tout their efforts to help the Trump administration rein in runaway drug prices, but behind the scenes the industry has been lobbying furiously to roll back recently mandated medicine discounts for U.S. seniors. Drug companies are focusing lobbying efforts to use a lame-duck session of Congress to peel back a legislative loss they suffered this year, according to people familiar with the efforts. On the line for the drug industry is $1.9 billion next year, according to one estimate. Critics say the effort by the industry has the potential to increase costs for some of the most vulnerable and medically fragile Americans: seniors on Medicare. Medicare covers most drug costs until a patient and their plan spend $3,750. Then, coverage drops off and doesn’t pick up again until a patient’s total out-of-pocket costs, including what drug companies pay in discounts, hit $5,000. That gap between cove [Read more]

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