WASHGINTON — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) introduced the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act, legislation that will expand Medicare negotiation of drug prices to lower drug costs for consumers, reduce federal spending, and give the U.S. Department of Health and Human Services (HHS) stronger tools to negotiate lower drug prices in Medicare Part B and Part D.
According to preliminary estimates from a model by West Health and Verdant Research, if the SMART Prices Act is enacted by 2026, it would save 33 percent more by 2030 than current law. It would also allow Medicare to begin negotiations earlier and bring down the price of more expensive drugs.
The legislation builds on provisions passed into law by Heinrich and Luján in 2022 that empowered Medicare to negotiate prescription drug prices for the first time. The SMART Prices Act extends this progress by more than doubling the number of prescription drugs Medicare must negotiate to a minimum of 50 per year, allowing the most costly prescription drugs and biologics to have negotiated prices five years after approval by the Food and Drug Administration, and by increasing the discount that Medicare is allowed to negotiate.
“While the Trump Administration and Congressional Republicans work to gut Medicare to give massive tax handouts to billionaires like Elon Musk, I’m fighting to protect and strengthen Medicare for New Mexicans,” said Heinrich. “I’m proud to co-sponsor legislation that will lower health care costs by making more prescription drugs affordable for New Mexico’s seniors enrolled in Medicare.”
“No one should have to choose between paying for life-saving medication and putting food on the table. At a time when President Trump’s tariffs threaten to raise prices on everyday goods and medicine, the SMART Prices Act is more important than ever for New Mexican families,” said Luján. “That’s why I’m proud to join my colleagues in introducing this legislation to lower prescription drug costs by strengthening Medicare’s ability to negotiate prices, helping Americans afford the medications they rely on.”
The SMART Prices Act is led by U.S. Senators Amy Klobuchar (D-Minn.) and Peter Welch (D-Vt.). Alongside Heinrich and Luján, the legislation is co-sponsored by U.S. Senators Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Angus King (I-Maine), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Jack Reed (D-R.I.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Minn.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), and Sheldon Whitehouse (D-R.I.).
The bill is endorsed by Center for American Progress, FamiliesUSA, Patients For Affordable Drugs NOW, Protect Our Care, and Public Citizen.
As Republicans tank the economy, Heinrich and Luján are putting New Mexico families first and fighting against Trump and Musk’s budget, which includes cuts to Medicaid to fund massive tax handouts to billionaires.
Earlier this month, Heinrich and Luján (D-N.M.) released a joint statement slamming President Trump’s Fiscal Year 2026 (FY26) preliminary budget request. In their joint statement, the senators wrote, “Donald Trump and Elon Musk’s budget will further tank the economy and throw working families under the bus. As New Mexico’s senators, we’ll fight back.”
Last month, Heinrich and Luján stood up for New Mexico families by voting against Senate Republicans’ budget resolution. This was after Heinrich and Luján pushed to amend Republicans’ resolution by repeatedly voting for amendments to lower costs for families — particularly as Trump’s tariffs push America to the brink of a recession. Heinrich and Luján also worked to block cuts to Medicaid, extend the tax credits for health care premiums, and prevent millions of Americans from losing health insurance, protect Social Security, and reverse cuts to the Social Security Administration, including cuts by Elon Musk’s DOGE.
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