Medicare Fair Prescription Drug Act

Paper Summary:

This paper discusses how the Medicare Fair Prescription Drug Price Act of 2007 is an amendment of the Medicare Prescription Drug Improvement and Modernization Act of 2003 (MMA) and how, according to the latter, Medicare beneficiaries receive a prescription drug benefit called Part D. Private prescription drug plans are also approved for Medicare beneficiaries by the federal government. It also discusses how government interference in MMA, according to the regulations of the 2007 Act, would work for the benefit of price regulation, but to the detriment of choice and market competition.

From the Paper:

"The main benefit of Medicare Part D is to beneficiaries and taxpayers - in other words, to the public. Beneficiaries are allowed to choose whatever they prefer in terms of pricing and type of drugs. The market competition encouraged the negotiations between private plans and drug providers are therefore not beneficial only in terms of lower costs for certain drugs, but also in terms of choice. Some beneficiaries choose the higher priced drugs that work best for them, while others prefer lower costs for the financial benefits gained in this way. The plan therefore provides enough diversity for the public to choose from."

Sample of Sources Used:

• D'Angelo, Greg. The Medicare Faire Prescription Drug Price Act of 2007: A Step Towards Government Interference. The Heritage Foundation. April 2007. http://www.heritage.org/Research/HealthCare/wm1426.cfm
• Democratic Policy Committee. S.3. The Medicare Fair Prescription Drug Price Act of 2007. http://democrats.senate.gov/dpc/dpc-printable.cfm?doc_name=lb-110-1-59

More papers on Medicare Fair Prescription Drug Act:

• Analytical Essay # 122154 : "Fair Labor Standards Act"
• Essay # 143748 : "The Problem of Prescription Drug Abuse "
• Research Paper # 95151 : "Medicare Prescription Drug Modernization Act"

APA Citation:

MLA Citation: