U.S. House Speaker Nancy Pelosi unveiled her own prescription for drug pricing Thursday: let the federal government negotiate prices for many of the costliest drugs ON BEHALF OF Medicare beneficiaries and other consumers.
Under her proposed legislation, up to 250 of the most costly drugs UNDER Medicare would be subject to negotiation.
SOUNDBITE: NANCY PELOSI, SPEAKER, U.S. HOUSE OF REPRESENTATIVES, (ENGLISH) SPEAKING: "Makes ower drug prices negotiated by Medicare available to all Americans.
It stops drug companies from ripping off Americans while charging other countries less for the drug." In addition, her plan would slap penalties on drug makers that refuse to negotiate or do not reach an agreement.
And those prices won't be allowed to exceed AN AVERAGE OF PRICES PAID IN six other countries.
President Donald Trump himself has vowed to BRING DOWN pharmaceutical COSTS, but many of his fellow Republicans oppose letting the government negotiate drug prices, saying that amounts to price fixing.
Pelosi's plan could also face criticism from drug makers, who argue that pricing mechanisms would stifle innovation.
But drug stocks traded higher on Wall Street Thursday.