Open Forum: Inflation Act Cuts Insulin Prices | Winchester Star
TL/DR –
The article discusses the impact of Joe Biden’s Inflation Reduction Act on the cost of insulin, stating that it has been effective in reducing costs. The author reports that insulin, essential for diabetics, has been historically overpriced by pharmaceutical companies, but with the new legislation, out-of-pocket costs for seniors on Medicare have been reduced to $35/month, leading to an average annual saving of $500. However, the article warns that Republicans, including Donald Trump, are threatening to repeal the act, prioritizing the interests of pharmaceutical companies over those of patients.
Joe Biden’s Inflation Reduction Act Impacting Insulin Costs
The Inflation Reduction Act, initiated by Joe Biden, is resulting in significant savings for insulin users, demonstrating Democrats’ commitment to addressing everyday needs of working families, compared to Republicans’ inclination towards safeguarding Big Pharma CEOs.
About 38.4 million U.S. adults, including 647,600 Virginians, are diabetic and rely on insulin. Additionally, roughly 352,000 children nationally are also diabetic.
Despite the insulin patent sale for $1 over a century ago, Big Pharma has been overcharging Americans for insulin, with prices 10 times higher than in other developed nations. This burden led to 1.3 million Americans in 2021 having to ration insulin due to its exorbitant cost, forcing many to sacrifice other basic necessities.
However, the Inflation Reduction Act has reduced out-of-pocket costs for seniors on Medicare to $35/month, resulting in average savings around $500/year. Furthermore, from Jan. 1, the three major insulin manufacturers have lowered costs to $35/month for everyone. These significant savings are enhancing financial stability for American families.
Unfortunately, Republicans like Donald Trump are threatening to dismantle these benefits. They have vowed to repeal the Inflation Reduction Act if they regain power, demonstrating their preference for Big Pharma profits over the wellbeing of Americans.
No Republican in Congress supported the insulin cost reduction of the Inflation Reduction Act. Ben Cline prioritised Big Pharma over Shenandoah Valley diabetes patients, supporting Trump’s pledge to overturn the Act.
Claims that Trump reduced drug prices and Biden reversed these cuts are inaccurate. After his election, Trump rescinded his promise to link some American drug prices with lower European prices. His proposed discounting rule for some federal centers was also never implemented. Essentially, Republicans like Trump and Ben Cline consistently defend Big Pharma over Americans.
Thankfully, the Inflation Reduction Act is successfully decreasing the costs of insulin for millions of Americans. It is crucial to build further on this progress.
—
Read More US Economic News