Biden Administration Releases List of Prescription Drugs for First-Ever Medicare Price Negotiations
This Announcement Marks a Significant Step in President Biden’s Effort to Lower Healthcare and Drug Costs for All Americans.
NEW YORK — Today, President Biden announced the first list of prescription drugs that will be up for price negotiations with Medicare. This announcement marks a significant step in President Biden’s effort to lower healthcare and drug costs for all Americans, a major part of his policy agenda.
The Medicare price negotiations are part of President Biden’s monumental legislation, the Inflation Reduction Act, which included a number of provisions aimed at lowering healthcare costs for American families, including capping out-of-pocket spending for Medicare recipients, limiting Medicare insulin costs to $35 a month, and empowering Medicare to negotiate for lower drug prices—a process that begins with today’s announcement. The Congressional Budget Office estimates these provisions will save taxpayers $237 billion over the next 10 years.
Susan, a stroke survivor and Medicare recipient from Hudson, NY, had this to say:
“For far too long, New Yorkers have been saddled with skyrocketing prices for prescription drugs, hospital visits, and even the most basic healthcare needs. The cost of care has risen to the point where people like me are faced with the impossible choice between their health and their financial stability. I was lucky enough to have the majority of my treatment costs covered by Medicare, but sometimes even that is not enough. Today, President Biden and Democrats in Congress proved they’re willing to fight for everyday New Yorkers and our families, even when the opposition from Republicans and Big Pharma lobbyists is fierce.”
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About Empire State Voices
Empire State Voices (ESV) is a multi-year campaign dedicated to amplifying the voices of everyday working New Yorkers. ESV is fighting for economic policies that make life more affordable for constituents and holding members of Congress across the state accountable when they fail to do the same.
