Building Back Together Celebrates Medicare Drug Price Negotiation Announcement

FOR IMMEDIATE RELEASE: August 15, 2024
PRESS CONTACT: [email protected]

BUILDING BACK TOGETHER CELEBRATES MEDICARE DRUG PRICE NEGOTIATION ANNOUNCEMENT

Biden-Harris Administration announces new, lower prices for prescription drugs whose costs will be capped for Medicare recipients, enabled by the Inflation Reduction Act

Washington, D.C. — Today, the Biden-Harris Administration announced the new, lower prices for the first tranche of prescription medications whose prices will be capped for Medicare recipients following months of negotiations with manufacturers — lowering costs for the millions of Americans who rely on them. In celebration of this monumental progress, Building Back Together Deputy Director of Strategic Initiatives Eileen Garcia released the following statement:

“Today marks a key moment in America’s history. Thanks to the Inflation Reduction Act — passed as a result of Vice President Harris’ historic tie-breaking vote in the Senate and signed by President Biden — Medicare has resolved its first-ever negotiations with Big Pharma, lowering the cost of ten of the most commonly used prescriptions in the country. As someone who lives with type 1 diabetes and needs insulin to live, this announcement is a watershed moment for health care advocates across the country.

“From day one of this administration, President Biden and Vice President Harris have stood firm in the face of big corporations to bring down prices and ease the financial burdens plaguing working people. The fact is, medications don’t work if people can’t afford to take them; now, more people will be able to access the critical care they need to live healthier lives, and that is a fact worth celebrating.

“With the two-year anniversary of the Inflation Reduction Act upon us, it’s more important than ever to remember that in spite of attempts by Republicans in Congress to repeal this generational investment in our country, the Biden-Harris Administration has not wavered from their commitment to hardworking Americans — to lower costs, raise incomes and fight for middle-class families. Today’s announcement is one that will have far-reaching positive effects for millions of people and their families, and we at Building Back Together applaud President Biden, Vice President Harris and Secretary Becerra for working tirelessly to get this done.”

To learn more about how the Inflation Reduction Act is delivering lower prescription drug prices for all Americans, check out the White House fact sheet here.

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