WASHINGTON — The Biden administration announced that the number of drugs subject to the Inflation Reduction Act’s inflation penalties has doubled. This means that 43 prescription drugs had price hikes outpacing the annual rate of inflation last quarter, and now these drug manufacturers must pay Medicare a rebate and Medicare beneficiaries will see lower coinsurance costs. According to CMS, beneficiaries could save up to $149 per dose on these drugs. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“This announcement is an important reminder that the Inflation Reduction Act is working for the American people. Drug companies are finally being held accountable when they jack up the price of prescription drugs in order to pad their profits. For years, seniors from all backgrounds have faced prescription drug prices that rise so fast they can’t keep up, and too many have been forced to choose between buying food or prescription drugs that keep them alive. Now, seniors purchasing some of the most expensive medications can breathe a sigh of relief knowing that greedy drug companies are being held accountable by the Biden administration.”
Press release from Protect Our Care, which is dedicated to making high-quality, affordable and equitable health care a right, and not a privilege, for everyone in America. We educate the public, influence policy, support health care champions and hold politicians accountable. We fight to expand access to affordable, high-quality health insurance, lower the cost of health care for individuals and families, and reduce inequities in health care based on gender, income, race, ethnicity, geography, or sexual preference.
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This is great news. Many people cannot afford the cost of medications due to the high cost. I am glad to hear that Pharmaceutical companies are being held responsible.
Thank you.