lowers prices and helps patients
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The Inflation Reduction Act delivers five historic drug price reforms that will deliver relief to millions of patients on Medicare.
The Inflation Reduction Act will save millions of patients millions of dollars by reducing drug prices and out-of-pocket costs in the Medicare program. As each of these provisions take effect in coming years, Americans will see their savings grow and get real relief from the predatory drug pricing practices of Big Pharma.
Putting brand new programs like Medicare negotiation into effect takes time, but some portions of the bill will lower prices for patients as soon as 2023.
Annual Part D prescription out-of-pocket costs will be capped at $2,000.
Lower prices for the first 10 negotiated drugs will become available, delivering savings to taxpayers as well as patients taking the selected medications.
Additional drugs will be selected for negotiation each year, and by 2029 as many as 60 drugs total could be selected and negotiated.
Click below to tweet at your elected representatives asking them to take action to allow Medicare to negotiate.
BIG NEWS! As of January 1st, people on Medicare get #FreeVaccines thanks to the Inflation Reduction Act. This will save those people hundreds of thousands of dollars and help save lives! #2023DrugPriceReformTweet this!
Did you know that this year, insulin copays for people on Medicare will be capped at $35 a month?! For nearly 3 million people on Medicare, that will mean huge savings and better health. #insulincopaycap #2023DrugPriceReformsTweet this!
For the first time ever, Medicare will be required to negotiate directly with drug companies for lower drug prices.
“I’m a Medicare beneficiary, but even still my Spiriva Respimat alone cost $3,300 out-of-pocket last year. Luckily, Spiriva is one of the first drugs that could be eligible for Medicare negotiation, bringing lower prices and costs for patients like me. With lower drug prices, I would likely be able to spend money on other expenses and needed medical treatment that I currently go without.”Jan B.Leesburg, FL
“I live with a rare cancer and type 2 diabetes. Januvia for my diabetes carries a monthly list price of $521, and my oral chemotherapy Imbruvica has a monthly list price of nearly $16,000. Under this drug pricing package, expensive drugs like Januvia would likely be eligible for negotiation under Medicare, bringing lower prices for patients like me.”Steven HadfieldCharlotte, NC
Right now, some people on Medicare pay out-of-pocket more than $15,000 a year for their prescription drugs. Starting in 2025, Medicare Part D out-of-pocket costs will be capped at $2,000 for all of the prescriptions people pick up at the pharmacy counter.
“To keep my multiple myeloma cancer at bay, I take a medication called Revlimid, which costs me $20,000 each year on Medicare. To afford it, I have fundraised, searched for grants, sold furniture and my husband’s truck, and zeroed out our savings. The $2,000 out-of-pocket cap would be life changing for me and my husband. We could finally replenish our savings account and do things we have been putting off like seeing the dentist; and I won’t have to worry about leaving my husband bankrupt.”Jackie TrappMuskego, WI
“Since I had a benign brain tumor removed in 2012. I’ve had to take medications to prevent seizures. My doctors want me to try a new anticonvulsant, Briviact, but it carries a list price of nearly $1,300 a month in the United States. With an out-of-pocket cap for Medicare, I will finally be able to afford the best treatment for me.”Maureen ItenShoreview, MN
“To treat my multiple myeloma, I rely on a daily oral chemotherapy drug called Revlimid that brings out-of-pocket costs of over $15,000 a year. This amount is impossible for me to cover on my fixed income. The Medicare out-of-pocket cap in this package will save me almost $13,000 a year. I can’t begin to express what that will mean for me and my standard of living.”Ramae HamrinBemidji, MN
“I currently can’t afford my Lyrica and gabapentin prescriptions for multiple sclerosis. I am on a fixed income and each of these medications cost hundreds of dollars a month, even with Medicare. The out-of-pocket cap for Medicare beneficiaries like me would reduce my costs and help bring my unaffordable medicines more within reach.”Scarlett WoodardAlbany, GA
“Between my expensive MS drugs, pancreatitis medicine, and inhalers, I spent almost $2,600 out-of-pocket last year. That doesn’t include some drugs that I go without or ration simply because they are too expensive. With a $2,000 out-of-pocket cap, I. will finally be able to pursue the best course of treatment for my MS, not just the one I can afford.”Therese Humphrey BallOgden Dunes, IN
Now, drug companies will face penalties for increasing the prices of prescription drugs covered by Medicare faster than the rate of inflation.
“I suffer from rheumatoid arthritis, diabetes, asthma, and gastroparesis. Even with Medicare, I spend almost $15,000 a year just on my Humira medication, a drug that’s price has increased by over 400% since 2006. The measure to curb drug price increases for Medicare beneficiaries will ensure that Humira’s manufacturer cannot continue to unfairly increase prices for patients like me. And the $2,000 out-of-pocket cap will allow me to afford my Humira without making sacrifice after sacrifice.”Katherine PepperKent, WA
“For my leukemia, my oncologist prescribed the oral chemotherapy Imbruvica, which has a monthly list price of almost $16,000. From 2014 to 2021, Imbruvica’s price increases have outpaced inflation. With the new inflation cap rebates, my Imbruvica’s price will be protected from continued price gouging it’s seen for the past 8 years.”Lynn ScarfutoHerkimer, NY
Medicare patients with diabetes will now have their insulin copays capped at $35 per month.
“I have been living with type 1 diabetes for 50 years. The new $2,000 cap on out-of-pocket costs for my prescriptions plus the $35 insulin copay cap mean that I’ll spend much less each year on my drugs. With lower drug costs, I’d be able to visit my grandchildren more or go to the store and not have to worry about purchasing something I need for my house.”Bob ParantWestbury, NY
“I live with high blood pressure as well as insulin-dependent diabetes. I live off a fixed income, so I have to plan to ensure I can afford my prescriptions. The new $35 copay cap for my insulin will ensure I can afford my insulin for as long as I need it.”Patricia McKenzieAtlanta, GA
“And the Senate has finally also taken on Big Pharma, and will after decades of trying be able to negotiate lower prescription drug prices. The Inflation Reduction Act is gonna lower prescription drug costs for seniors.”
“When President Biden signed the Inflation Reduction Act, he not only made history, he made progress. When Congress passed this legislation, frankly we jumped for joy. This is so exciting! Because of the transformative difference this law would make for America’s working families… The authority of the HHS to negotiate for lower prescription drug costs. Long sought for, finally achieved. And for our seniors on Medicare, we have a $2,000 cap on prescription drug costs, this is remarkable.”
“For too long, Medicare has been forced to contend with Big Pharma with one hand tied behind its back – that ends when this bill is signed into law..I have been spotlighting how the drug pricing system is broken top to bottom. At last, the Senate has begun to redefine the relationship between Medicare and Big Pharma.”
“The Inflation Reduction Act is also one of the most significant pieces of health care legislation to move through Congress in over a decade. It breaks Big Pharma’s monopoly on prescription drug prices… Today we are finally leveling the playing field to ensure seniors are no longer forced to choose between putting food on their table and their lifesaving prescription drugs.”
“Hard to put into words how big of a deal it is that we are finally lifting the ban on Medicare being able to negotiate drug prices. Over a decade of fighting. Millions and millions of seniors fought for this. Finally, they’ll have lower costs.”
“With commonsense reforms that will allow Medicare to negotiate prescription drug prices and cap out-of-pocket costs. We will protect seniors from outrageous prices charged by pharmaceutical companies for lifesaving medications.”
“The immediate benefits of this legislation are real. First, we’re going to see the broad benefits that come from Medicare negotiation, and we’re going to be able to use it in a way that is going to protect consumers, taxpayers and employers without harming innovation. Then secondly, we are going to bring immediate financial benefits to seniors on Medicare with a $2,000 cap on drug costs and a $35 monthly cap on insulin. This is going to extend the life of Medicare, this is going to lower costs for taxpayers.”
“After years of fighting the pharmaceutical industry, we have won the fight to allow Medicare to negotiate drug prices. No longer will Medicare be forced to pay whatever outrageous prices Big Pharma decides to charge.”