WASHINGTON, D.C — U.S. Senator Angus King (I-ME) is cosponsoring legislation to expand Medicare’s ability to negotiate drug prices and lower the costs of prescription medication nationwide. The Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act would also reduce federal spending by reaching lower-price agreements, and give the Department of Health and Human Services stronger tools to negotiate lower drug prices in Medicare Part B and Part D. 

According to preliminary estimates from a model by West Health and Verdant Research, if the SMART Prices Act was enacted in 2026, it would save 33 percent more by 2030 than current law. It would also allow Medicare to begin negotiations earlier and bring down the price of more expensive drugs. 

“Lifesaving prescription medications shouldn’t break the bank,” said Senator King. “Expanding Medicare’s ability to negotiate drug prices will go a long way toward helping Maine people get the medication they need at a price they can afford. The SMART Prices Act is a commonsense step that will help Maine people save money and stay healthy, and I thank my colleagues for putting Maine people first.”

In addition to Senator King, this legislation is cosponsored by Senators Amy Klobuchar (D-MN), Peter Welch (D-VT), Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Maria Cantwell (D-WA), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), Ben Ray Luján, Ed Markey (D-MA), Jeff Merkley (D-OR), Chris Murphy (D-CT), Patty Murray (D-WA), Jack Reed (D-RI), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI).

Senator King has been a leader in working to reduce prescription drug costs throughout his time in the United States Senate. He also recently cosponsored bipartisan legislation which would require price disclosures on advertisements for prescription drugs in order to inform patients who are considering certain medications after seeing television commercials. He previously introduced legislation to prohibit pharmaceutical drug manufacturers from claiming tax deductions for consumer advertising expenses. Most recently, Senator King cosponsored the Safe and Affordable Drugs From Canada Act would give Maine people the ability to purchase their prescriptions directly from pharmacies across the northern border at the market rate of a less expensive marketplace. Additionally, Senator King introduced the Responsibility in Drug Advertising Act, which would prohibit direct-to-consumer (DTC) advertising of a new drug in the first three years after the drug receives Federal Drug Administration (FDA) approval.

He has also supported a number of commonsense bills to drive down the costs of prescription medication in the United States including the historic Inflation Reduction Act. Thanks to the Inflation Reduction Act, insulin fees are capped at $35 per month, Medicare is able to negotiate drug prices, and a $2,000 yearly cap on out-of-pocket expenses has been instituted for Medicare recipients.

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