Senators introduce bill to reform Medicare reform law

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Sens. Olympia Snowe (R-ME) and Ron Wyden (D-OR) introduced at least the third bill aimed at reforming the Medicare law Thursday.

The bill would give the Department of Health and Human Services authority to negotiate with drug makers through Medicare for lower prices. This process is currently not accepted under the Medicare reform legislation passed late last year. The senators said both the Veterans Affairs Department and the Defense Department have saved their beneficiaries money by negotiating with drug makers.

The bill also would require the General Accounting Office to monitor prescription drug price increases.

This bill follows the same vein as those crafted in December by Sens. Tom Daschle (D-SD) and Tim Johnson (D-SD) and in January by Rep. Benjamin Cardin (D-MD).