Washington, D.C. — Today, Democrats in Congress reached a historic agreement to lower prescription drug prices for all Americans. This agreement gives Medicare the power to negotiate lower drug prices, caps seniors’ out-of-pocket drug costs, and stops excessive price increases for existing medications. In response, Protect Our Care Chair Leslie Dach issued the following statement:
“President Biden and Democratic leaders fought tirelessly to include prescription drug reform in the Build Back Better Act, and now they have a plan to make it happen. For far too long, drug companies have dictated prices. Americans pay three times more than people in other countries, but that all stops with this plan.
“Now, Medicare will have the power to negotiate lower drug prices, no senior will pay more than $2,000 a year for their prescriptions, no diabetic Medicare patient will pay more than $35 per month for their insulin, and every American will be protected from egregious price increases for the drugs they need. Combined with the other health measures in the Build Back Better Act, Democrats will lower insurance premiums, expand coverage and lower the cost of drugs for millions. This is the most significant expansion of affordable health care since the passage of the Affordable Care Act. That’s a big deal.
“The only loser today is Big Pharma. Instead of wasting millions of dollars on failed lobbying efforts and scare tactics, drug companies can now put more money towards innovation and research. Reducing the cost of prescription drugs will save lives, and we have President Biden and Democrats to thank for bringing real relief to millions of people.”