Pharmaceutical companies are fighting this with a multi-million dollar campaign. They fear price negotiations on behalf of Medicare's huge pool would eat into their profits. They want HMOs and other private insurance plans, not Medicare, to cover seniors' prescriptions. George W. Bush supports the drug industry's approach. In fact, his chief advisor on seniors' coverage is Gail Wilensky, a consultant who enjoys lucrative contracts with major drug companies.
Insurance companies have their own reservations.
Providing seniors with comprehensive coverage is too expensive to be profitable, they say. Just compare the numbers.