Amplify: Democrats Deliver on Lower Prescription Drug Costs
The Inflation Reduction Act, passed by Democrats and signed into law by President Biden, included major life-saving provisions to lower prescription drug costs. Specifically, it limited the maximum that individuals on Medicare would pay for prescription drugs to $3,500 this year and $2,000 by 2025 and capped the cost of insulin for Medicare recipients to just $35 a month.
Highlights—
The Biden Administration is lowering the cost of the 10 most widely used and expensive prescription drugs on Medicare. This is the first time the White House has negotiated drug prices, no longer accepting the high costs demanded by Big Pharma.
The Biden Administration is expanding the number of prescription drugs that will have negotiated prices by 50 every year. So long as President Biden is in office, an ever-increasing number of prescription drugs will see their costs lowered under Medicare.
The Biden Administration is capping Medicare cost-sharing at $2 for common generic drugs. Medicare will soon “publish a list of dozens of generic drugs … including drugs like statins to treat high cholesterol, beta-blockers for high blood pressure, and platelet inhibitors to prevent blood clots,” that will be capped at $2 cost-sharing under Medicare Part D. President Biden’s budget “is calling on Congress to limit Medicare cost-sharing to $2 for high-value generic drugs for all Medicare plans.”
Former President Trump opposes all these reforms. No Republicans voted to reduce drug costs.
Amplify on Social Media:
