Article Summary –
The Biden administration has announced it will impose inflation penalties on 64 prescription medicines under the Inflation Reduction Act, potentially saving Medicare Part B patients up to $4,593 per day, complementing its historic program allowing Medicare to negotiate drug prices. This announcement follows efforts from right-wing special interest groups, backed by nearly $1 million from Pharmaceutical Research And Manufacturers Of America (PhRMA), to pressure Congress to repeal the Act and maintain high prescription drug costs. PhRMA is also suing the administration to prevent Medicare from negotiating lower prices with drug manufacturers.
Lower Prescription Drug Costs for Seniors
In a significant move to reduce prescription drug costs for seniors, the Biden administration announced it will impose inflation penalties on 64 prescription medicines under the Inflation Reduction Act, potentially saving up to $4,593 per day for 750,000 Medicare Part B patients. This initiative supports President Biden’s program allowing Medicare to negotiate drug prices, aiming to lower costs for millions of seniors and families.
The announcement follows a campaign by right-wing special interest groups pressuring Congress to repeal the Inflation Reduction Act, aiming to keep American seniors paying the highest prescription drug prices globally. A new analysis from Accoutable.US found these groups received nearly $1 million from Pharmaceutical Research And Manufacturers Of America (PhRMA), which is suing to block Medicare from negotiating drug prices.
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