Washington, DC (June 23, 2009) - Today the 400,000-strong seniors group RetireSafe saluted the Pharmaceutical Research and Manufacturers of America (PhRMA) for its commitment to support legislation to cut prescription drug prices by 50 percent for seniors who fall into in the Medicare Part D Prescription Drug Program “doughnut-hole.” Thair Phillips, RetireSafe President, called the commitment, “a huge gift to older Americans caught in this much-discussed Medicare coverage gap.” “This is an important development for seniors, and we thank PhRMA for their responsive generosity,” he said.

“This $80 billion pledge should directly benefit seniors on Medicare, at a critical time in their lives,” Phillips continued. “Medicare beneficiaries who land in the Part D doughnut-hole are forced to spend as much as $4,350 in total out-of-pocket drug costs, until the catastrophic coverage kicks in,” he said. Phillips noted, “This will mean better, more affordable health care for seniors, thanks to PhRMA and its member companies.”

“While the President and others have been quick to pledge huge cuts to Medicare services to pay for health care reform, something that will clearly hurt the elderly, this commitment directly assists Medicare beneficiaries, and we appreciate it,” Phillips concluded.

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