Lower Costs, More Transparency Act

Floor Speech

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Mr. GUTHRIE. Mr. Speaker, I rise today to speak in support of H.R. 5378, the Lower Costs, More Transparency Act.

Over the past several years, I have heard from countless Kentuckians about the challenges they face and the pain they are feeling due to rising healthcare costs. This bipartisan, landmark legislation marks the first step in driving transformational change across our healthcare system.

The Lower Costs, More Transparency Act incorporates transparency requirements in nearly every aspect of the healthcare system. We are building on the Trump-era price transparency rules for hospitals and insurance plans. We are requiring pharmacy benefit managers to disclose prices and fees to lower costs for patients and employers. We are even requiring transparency for clinical labs.

We have countless testimonials and data to show that transparency lowers costs. Recently, a multinational equipment manufacturer fired their PBM and started managing their own prescription drug benefits for its employees because they finally understood what they were being charged.

The most important part about this bill is that, for once, it is not a top-down, Washington-knows-best approach to the cost of healthcare.

The American people have given Congress this mandate, with over 95 percent of surveyed voters supporting healthcare price transparency to reduce healthcare costs, according to a 2022 KFF poll.

The Lower Costs, More Transparency Act directly lowers costs that seniors are paying out of pocket for certain drugs like cancer drugs and other medicines administered in doctors' offices that are owned by hospitals.

Seniors receiving Medicare should not be paying more for a drug based solely off the location of where they receive the drug. We are fixing this.

I should note that we are able to get major policy changes in this legislation while making sure the bill saves the American people money, an estimated $700 million. This is an objective that Congress very rarely prioritizes.

Mr. Speaker, I thank Chair Rodgers for her vision and steadfast leadership on this bill. I will proudly be casting a ``yes'' vote on H.R. 5378, and I urge my House colleagues to do the same.

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