November 02, 2021

Retirees Welcome Addition of Medicare Drug Negotiation to Build Back Better Legislation

Statement by Richard Fiesta, Executive Director of the Alliance for Retired Americans on the New Drug Negotiation Plan Announced Today:

“Older Americans are better off today than they were yesterday and the pharmaceutical industry’s monopoly power to set drug prices has been weakened.

“The Alliance’s grassroots members have fought to allow Medicare to negotiate lower drug prices for more than two decades. Our members’ tireless activism has kept this issue front and center and this action would not have happened without them.

“There are still details to be worked out, but capping the price of insulin to $35 and annual out-of-pocket drug spending by Medicare beneficiaries to $2,000 will help millions of Americans afford the medicines that they need to stay healthy.

“We especially thank House Speaker Nancy Pelosi, Senate Majority Leader Schumer, Senator Sanders, Senator Wyden, Rep. Neal, and Rep. Pallone for their commitment to delivering on their promise to lower drug prices and implement Medicare Drug Price negotiation. This could not have happened without hundreds of House and Senate members who hear about their constituents’ struggles paying for prescription drugs every day.”

“We urge Congress to pass both the bipartisan infrastructure bill and the Build Back Better Act as soon as possible, and begin to deliver on the promises made to seniors. There is still much work to do to ensure all seniors can afford the drugs they need.”

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Contact: Lisa Cutler at lcutler@retiredamericans.org