Historic Prescription Drug Savings Go Into Effect This Saturday Thanks To POTUS’ Agenda

FOR IMMEDIATE RELEASE: March 29, 2023
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HISTORIC PRESCRIPTION DRUG SAVINGS GO INTO EFFECT THIS SATURDAY THANKS TO POTUS’ AGENDA

Medicare beneficiaries will save as much as $390 per dose thanks to the Inflation Reduction Act

WASHINGTON, D.C. —  This Saturday, April 1st, Medicare recipients across the country will see lower costs for 27 prescription drugs, saving them up to $390 per dose, thanks to the Inflation Reduction Act signed by President Biden. This legislation holds Big Pharma accountable, punishing them for raising the cost of prescription drugs faster than inflation, and brings down costs to save seniors and Medicare recipients money. 

“Thanks to the Inflation Reduction Act  signed by President Biden, Medicare recipients can save hundreds of dollars a year on their health care costs,” said Building Back Together spokesperson Eileen Garcia. “Unlike Republicans in Congress, who stood with Big Pharma and against the Inflation Reduction Act, the Biden-Harris Administration is lowering prescription drug costs, making health care more affordable for seniors and working families. On top of these savings, Big Pharma companies have heeded President Biden’s call to lower the cost of insulin, and beginning next year, Medicare recipients will have their annual prescription costs capped at $2,000.”

The Inflation Reduction Act signed by President Biden is saving seniors and Medicare recipients money on health care:

• HHS is penalizing the manufacturers of 27 drugs – 9% of all Medicare Part B drugs – for hiking costs on consumers faster than inflation.
  • Starting on Saturday, Medicare beneficiaries who take these medications will save as much as $390 per dose.

• Recommended vaccines for adults are now free of charge for those enrolled in Medicare Part D.
  • Over 3.4 million seniors and people with disabilities are likely to save an average of $70 per year on vaccines.

• The Inflation Reduction Act strengthens the ACA, meaning 13 million Americans are saving an average of $800 a year on health insurance. 
• Insulin costs for Medicare recipients are now capped at $35/month — and Big Pharma companies have answered President Biden’s call to cap prices for all.
  • Had this cap been in place in 2020, HHS estimates 1.5 million people would have saved $500 per year on insulin — a critical indicator of future savings for Americans. 

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