August 07, 2022

Retirees Applaud Strong Senate Action to Lower Drug Prices for Millions of Older Americans

Statement by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding passage of the Inflation Reduction Act (IRA) by the U.S. Senate:

“Today 50 members of the U.S. Senate and Vice President Kamala Harris voted to put the needs of older Americans ahead of drug corporation profits.

“Americans pay the highest drug prices in the world. The end of that sad distinction starts today. One in four Americans reports not taking at least one drug as prescribed because they can’t afford it. In a country as wealthy as the United States, no one should have to choose between taking medicine or putting food on the table.

“This bill will help lower prices by:

  • Requiring Medicare to negotiate lower prices for some of the highest priced prescription drugs, using its enormous purchasing power on behalf of seniors and taxpayers;
  • Capping out of pocket costs for insulin at $35 per month for Medicare beneficiaries;
  • Making all recommended adult vaccines free for Medicare beneficiaries beginning in 2023;
  • Prohibiting drug corporations from increasing the price it charges Medicare for a drug by more than the rate of inflation; and
  • Capping out of pocket drug spending at $2,000 per year for Medicare Part D.

“This bill’s passage sends a strong message to seniors that help paying for their prescriptions is on the way.

Now that the Senate has voted, we call on the House of Representatives to deliver lower drug prices for the American people without delay.”

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Contact: Lisa Cutler, lcutler@retiredamericans.org

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