Senate Finance Democrats Focus on Drug Pricing Ahead of Midterms

On February 4, 2026, Senate Finance Democrats put a spotlight on rising drug costs ahead of the midterms, pushing reforms aimed at lowering prescription prices and increasing transparency, while President Trump prepared to launch a new website, TrumpRx, allowing Americans to buy medicines directly from manufacturers at discounted rates.

Congressional Efforts

Senate Finance Democrats zeroed in on the drug supply chain this past Wednesday, signaling that health care costs as a main issue in bipartisan campaigns ahead of the midterms. Senate Finance ranking member Ron Wyden said Democrats want to “supercharge” Medicare drug price negotiations and crack down on industry middlemen, including pharmacy benefit managers.

The focus on PBMs comes as Congress is already advancing long-sought reforms aimed at lowering drug costs by changing how PBMs are paid and increasing transparency. The final funding package would separate PBM compensation from drug prices in Medicare, require pricing transparency, and mandate that rebates be passed through to health plans. However, several high-profile policies were not included. Most notably, the bill stops short of banning Medicaid spread pricing. Medicaid spread pricing allows PBMs to retain the difference between what states pay for drugs and what pharmacies are reimbursed, despite bipartisan support for a ban and repeated criticism from lawmakers, including House Energy and Commerce Chair Brett Guthrie.

Wyden argued Democrats are leaning into one of their strongest political advantages on health care, even as they face long odds at retaking the Senate. Other party priorities include incorporating international pricing into Medicare drug negotiations, lowering patient cost-sharing, and using the tax code to encourage drug development. Wyden said Finance Committee minority staff will begin translating these ideas into legislative text in the coming months.

Sens. Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), and Peter Welch (D-Vt.) joined Wyden at the event, where he also criticized President Donald Trump’s record on drug pricing and positioned Democrats’ agenda as an alternative to the administration’s health care framework. Wyden and other Finance Democrats outlined their proposals in a memo arguing that patients should be able to afford care without risking financial ruin and that taxpayers deserve better value from the health care system. While lawmakers are signaling interest in further drug pricing reforms, significant action is unlikely as midterm elections approach.

Administration Initiatives

Meanwhile, President Trump is launching TrumpRx, a website that allows Americans to directly purchase prescription drugs from manufacturers at discounted prices without using insurance. The administration has promoted the initiative as part of its efforts to lower drug costs through agreements with major pharmaceutical companies, including Eli Lilly, Novo Nordisk, and Pfizer, sometimes in exchange for reduced tariffs. It’s still unclear how much TrumpRx will actually bring down drug costs, get people to buy medicines without insurance, or when these discounted drugs will be available.