WASHINGTON, DC — Today, Democratic Whip Katherine Clark (MA-5) released the following statement after the Biden-Harris Administration unveiled the first ten prescription drugs selected for Medicare price negotiations under the Democrats’ Inflation Reduction Act.
“For decades, the rising cost of prescription drugs has forced Americans to make the impossible choice between daily necessities and life-saving medications. Today, Democrats say ‘no more.'
“Under the leadership of President Biden, we have taken on Big Pharma and won — granting Medicare the authority to negotiate prescription drug costs directly with manufacturers through our landmark Inflation Reduction Act. Millions of Americans will have access to the medications they need at a price they can afford.
“Democrats are delivering on our promise to lower costs and build an America where everyone can care for themselves and their loved ones. We will continue working to put money back into the pockets of working families and grow our economy by growing the middle class."
A list of the prescription drugs Medicare will negotiate can be found here.
In 2022 alone, around nine million seniors and other Medicare beneficiaries spent over $3.4 billion out-of-pocket on the ten drugs selected for negotiation. These drugs are used to treat some of the most common diseases like diabetes, heart disease, arthritis, blood clots, and cancers – and in 2022, cost seniors up to $6,497 in out-of-pocket costs per year for just one of these drugs.