Senate Finance Committee Chairman Chuck Grassley, R-Iowa, believes there is no better time to pass legislation preventing pharmaceutical companies from implementing severe price hikes, according to Bloomberg.
Mr. Grassley voiced his concerns on what drugmakers could do to drug prices during future health crises if the bill he is sponsoring does not pass, calling the scenario "the Wild West."
He released an analysis in March revealing the bill would save taxpayers $95 billion during the next decade.
Mr. Grassley reported that President Donald Trump supports the bill, an attitude that will be important, as Senate Majority Leader Mitch McConnell, R-Ky., has yet to agree fully with the legislation.
Senate Majority Whip John Thune, R-S.D., said Congress will more likely pass legislation focused on drug prices under Medicare Part D than the broader bill at hand, as he thinks Mr. Grassley's bill will turn into an issue both parties use during the election season.