Watchdog: Biden Act Continues Lowering Seniors’ Costs Despite Opposition

TL/DR –

The Biden administration plans to impose inflation penalties on 64 prescription medicines to reduce costs for seniors, saving Medicare Part B users up to $4,593 per day. This move aligns with a wider program granting Medicare the authority to negotiate prescription drug prices under the Inflation Reduction Act. However, the administration faces opposition from right-wing special interest groups, who have been lobbying for the repeal of the Inflation Reduction Act.

Biden Administration to Enforce Inflation Penalties on Prescription Drugs

WASHINGTON, D.C. – The Biden administration is taking definitive steps to lower prescription drug prices for seniors, announcing plans to impose inflation penalties on 64 prescription drugs as part of the Inflation Reduction Act. This initiative could save the 750,000 Medicare Part B recipients using these medicines up to $4,593 per day. This strategy is part of Biden’s wider program granting Medicare the power to negotiate prescription drug prices under the Inflation Reduction Act, aiming to reduce costs for millions of seniors and families.

Controversy Over the Inflation Reduction Act

This announcement follows a campaign launched by right-wing special interest groups advocating for the repeal of the Inflation Reduction Act, which if successful, would maintain high prescription drug prices for US seniors. Government watchdog Accountable.US reported that these organizations have received nearly $1 million from Pharmaceutical Research And Manufacturers Of America (PhRMA), who is currently suing the administration in an attempt to prevent Medicare from negotiating lower drug prices.

—
Read More US Economic News