The Biden administration recently enacted several legislative changes that will lower prescription drug costs. One law enacted last year gave Medicare the power to negotiate drug prices for the first time. Christen Linke Young, Deputy Director of the Domestic Policy Council for Health and Veterans explains:
“Medicare is sitting around the negotiating table, negotiating for a fair deal on some of the most commonly used prescription drugs in Medicare,” said Young..”That program is about to deliver big savings for seniors in the Medicare program.”
A different law that will take effect in 2025 puts a $2,000 yearly cap on prescription medication costs per person for everyone on Medicare. In addition,the administration lowered the cost of insulin for Medicare recipients. Deputy Director Young again:
“The President was incredibly proud to sign legislation that capped the cost of insulin at $35 a month for folks who get their insurance through Medicare,” said Young. “You know, insulin costs just $10 a vial to make, it’s been on the market for a hundred years, and yet some folks were facing co-pays of up to $400 a month.”
Young says that President Biden hopes in time to expand these benefits for all Americans.
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