“This is an historic day in the effort to lower prescription drug prices for seniors. The Biden administration has released the names of the 10 life-saving drugs that will be subject — for the first time ever — to price negotiation between Medicare and Big Pharma. The Inflation Reduction Act provides for this reform, in addition to a $2,000 out-of-pocket cap for patients’ Medicare Part D drug costs and penalties for drug-makers who hike prices above the rate of inflation. Medicare price negotiation alone is expected to save seniors and taxpayers billions of dollars in drug costs over next the decade. This is a sea change in the government’s ability to lower prescription drug prices for older Americans, who all too often are compelled to ration medications or forgo filling prescriptions because of soaring costs. NCPSSM has fought for Medicare to be empowered to negotiate prices for some twenty years now. We look forward to working with President Biden and the Congress to build on this groundbreaking achievement. The next step is to enlarge the number and type of medications subject to negotiation, to deliver maximum relief to seniors on fixed incomes. No one should have to choose between groceries, rent, or essential medications — especially our nation’s senior citizens.” – Max Richtman, President and CEO, National Committee to Preserve Social Security and Medicare
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