August 25, 2023
Fact Sheet: The Inflation Reduction Act and Prescription Drug Prices
One in four people over the age of 65 report not taking at least one prescription drug as prescribed due to its cost. Meanwhile, pharmaceutical corporations are making record profits, lining the pockets of their executives and shareholders while patients struggle to afford the drugs they need to stay healthy.
To help reverse the pharmaceutical industry’s stranglehold on our health care system, on August 16, 2022 President Biden signed the Inflation Reduction Act into law. It means lower prescription drug prices for millions of Medicare beneficiaries.