Panic attack? Drug mfrs agree to shrink size of donut hole in Part D

U.S.drug makers agreed Saturday to shell out $80 billion over the next 10years to lower the cost of medication for seniors and help pay forPresident Obama’s proposed healthcare overhaul, as part of an agreementhashed out with lawmakers and administration officials.  The deal means the pharmaceutical companies will extend discounts onprescription drugs to millions of seniors who often must pay staggeringdrug costs not covered by their Medicare plan, according to a WhiteHouse announcement.
The drug makers also have agreed to pick up some of the costs of thepresident’s plan to remake the nation’s healthcare system, legislationhe hopes Congress will pass this year.  “The agreement by pharmaceutical companies to contribute to the healthreform effort comes on the heels of the landmark pledge many healthindustry leaders made to me last month, when they offered to do theirpart to reduce health spending $2 trillion over the next decade,” Obamasaid in a statement Saturday afternoon.

Source/more:  LA Times, http://www.latimes.com/news/nationworld/nation/la-na-healthcare21-2009jun21,0,3211442.story