CONCORD, NH — Yesterday, the Biden-Harris administration announced the first ten drugs selected for Medicare drug price negotiation, a direct result of President Biden and Democrats’ Inflation Reduction Act. This provision now allows Medicare to negotiate lower prescription drug costs, dealing a blow to Big Pharma and a win to the American people.
“For decades, Big Pharma has raked in billions while everyday Americans struggle to afford the medication they need. President Biden and Democrats stood up to those special interests and passed the Inflation Reduction Act. As a result of that landmark legislation, millions of Americans will see their prescription drug costs reduced — no thanks to a single Republican in Congress,” said New Hampshire Democratic Party Chair Ray Buckley.
“MAGA Republicans voted against allowing Medicare to negotiate lower prices, and now congressional Republicans are threatening to repeal the IRA and roll back its life-saving progress. That’s why it’s critical that we reelect President Biden and Vice President Harris so they can continue fighting for affordable and accessible health care for the millions of New Hampshire families who are reaping the benefits.” President Biden’s Inflation Reduction Act – Lowering Health Care Costs: By the Numbers
9 million: Number of seniors who took the 10 drugs selected for Medicare price negotiation in 2022.
$3.4 billion: Amount Medicare beneficiaries spent in out-of-pocket costs in 2022 on the 10 drugs.
$6,497: The average out-of-pocket cost seniors without additional financial assistance had to pay in 2022 for just one of the drugs selected for negotiation.
33 years: Amount of time leaders spent trying to allow Medicare to negotiate lower drug prices.
$160 billion: How much taxpayers will save because of the Inflation Reduction Act’s health care provisions.
4 million: Number of seniors already benefiting from the Inflation Reduction Act’s $35 per month cap on the cost of insulin.
15 million: Americans continuing to save $800 per year on health insurance premiums because of the Inflation Reduction Act.
$400: The amount one in three Medicare beneficiaries are projected to save on prescription drugs annually when the $2,000 out-of-pocket cap goes into effect.
8: Number of lawsuits Big Pharma has already filed to block the Biden administration from empowering Medicare to negotiate lower prescription drug prices.
Nearly $400 million: The amount Big Pharma spent in lobbying efforts to try to stop the administration from empowering Medicare to negotiate lower drug prices for American families.
Over 8 in 10: Adults support allowing Medicare to negotiate lower prescription drug prices, according to a recent Kaiser Family Foundation poll.