POTUS Underscores Historic Prescription Drug Savings — That Every Single Republican In Congress Voted Against
FOR IMMEDIATE RELEASE: March 15, 2023
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POTUS UNDERSCORES HISTORIC PRESCRIPTION DRUG SAVINGS — THAT EVERY SINGLE REPUBLICAN IN CONGRESS VOTED AGAINST
WASHINGTON, D.C. — Today, the Biden-Harris Administration announced it will penalize manufacturers of 27 prescription drugs for raising costs faster than inflation – a result of the Inflation Reduction Act that President Biden signed into law last year.
The Inflation Reduction Act caps the cost of insulin at $35 a month and the overall cost of prescriptions at $2,000 a year for Medicare recipients, empowers Medicare to negotiate down the cost of prescription drugs, and imposes penalties on Big Pharma companies who raise prices faster than inflation.
“Today’s announcement underscores the positive impact of President Biden’s cost-cutting agenda,” said Building Back Together Executive Director Danielle Melfi. “On top of historic savings in the Inflation Reduction Act, in recent weeks, we’ve seen Big Pharma companies answer the president’s call to cap insulin costs at $35 a month for all Americans. Unlike Republicans in Congress, who have opposed these savings and stood by Big Pharma time and time again, the Biden-Harris Administration knows cost-savings is top of mind for Americans and is tackling price gouging head on.”
From today’s Health and Human Services announcement:
- HHS will penalize the manufacturers of 27 drugs – 9% of all Medicare Part B drugs – for hiking costs on consumers faster than inflation.
- Starting in April, Medicare beneficiaries who take these medications will save as much as $390 per dose.
- Over 3.4 million seniors and people with disabilities are likely to save an average of $70 per year on vaccines.
- Had the Inflation Reduction Act’s $35/month 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.
This is in addition to the savings already enacted through the Inflation Reduction Act signed by President Biden:
- Medicare Part D recipients now have their monthly insulin costs capped at $35 a month.
- Vaccines for adults are now free of charge for those enrolled in Medicare Part D.
- 13 million Americans are saving an average of $800 a year on health insurance under the Affordable Care Act.