Senator Gillibrand Announces Legislation to Cap Prescription Drug Costs

New York Senator Kirsten Gillibrand has announced legislation towards capping prescription drug costs with the Capping Prescription Costs Act. The legislation would cap the annual out of pocket cost for prescription drugs at $2,000 for individuals and at $4,000 for families who have private insurance.

Gillibrand says this legislation will build off of the drug pricing reforms from the 2022 Inflation Reduction Act, which capped the price of insulin at $35 a month and out of pocket drug costs at $2,000 annually for Medicare Part D beneficiaries.

“No one should have to risk their health by skipping refills or rationing life-saving medication because they can’t afford the cost of their prescriptions,”

said Senator Gillibrand.

The legislation is currently sponsored by 10 other US Senators, all Democrats. One member of the House of Representatives is also leading a companion legislation within the House.