The Biden Administration has made strides in reducing prescription drug prices for Americans, following the passage of the Inflation Reduction Act by Democrats. Negotiations with drug companies have moved forward, aiming to lower prices for patients and taxpayers. A significant policy includes a $2,000 cap on drug costs for Medicare beneficiaries, expected to save 256,000 individuals in Connecticut an average of $370 annually. Efforts are underway to extend these savings to all American families, with proposed legislation such as the Lowering Drug Costs for American Families Act and the End Price Gouging for Medications Act. Despite the progress, officials acknowledge the ongoing battle against the pharmaceutical industry's influence, emphasizing the need for further action to ensure Americans receive fair drug prices.
Senate Democrats took on Big Pharma—and we won. We’re making progress and lowering drug costs. Republicans are fighting to repeal the progress we’ve made. We’re going to continue to stand up to the drug companies and reduce costs. @SenStabenow https://t.co/3RWvcwZ0Yk
Americans invest the most in prescription drug research—we should be getting the best prices on prescription drugs, not the worst. As Big Pharma pushes prices sky high, I’m fighting to pass my End Price Gouging for Medications Act.
Despite the incredible political power of the pharmaceutical industry, alongside the Biden Administration, we have capped insulin and inhaler costs, and lowered the price of prescription drugs. But let me be clear: More must be done. The fight is not over yet. https://t.co/llnT0plIiM
Thanks to @POTUS and @HouseDemocrats, 256,000 Medicare beneficiaries in CT will save an average of $370 a year when the $2,000 cap on drug costs takes effect. It’s time to pass these savings along to everyone! My Lowering Drug Costs for American Families Act would make it happen. https://t.co/9W5dIppI5G
I'm pleased that the Biden Administration has responded to counteroffers from all drug companies participating in drug price negotiations. This gets us one step closer to achieving lower drug prices for patients and taxpayers after Democrats passed the Inflation Reduction Act.