***MEDIA ADVISORY FOR FRIDAY, FEBRUARY 18 AT 11:30 AM ET***
Manchster, NH — Today, Friday, February 18, 2022 at 11:30 AM ET, Granite Staters will join U.S. Representative Chris Pappas (D-NH-01) and Protect Our Care New Hampshire to discuss the urgent need for prescription drug reform. Rep. Pappas was among the 40 House Democrats who sent anew letter urging Congressional leadership to pass life-saving drug reform legislation to lower the price of medications for NH residents and millions of Americans.
As Americans worry about rising costs and inflation, drug costs continue to surge. Between 2008 and 2016 brand-name oral prescription drugs saw cost hikes of 9% annually, while injectable drugs priced up 15% per year. The high cost of prescription drugs is also a significant driver of personal medical debt. Meanwhile, drug companies continue to rake in record profits. Between 2000 and 2018, 35 big drug companies had a combined revenue of $11.5 trillion, with a gross profit of $8.6 trillion.
VIRTUAL EVENT:
WHO: U.S. Representative Chris Pappas (D-NH-01) Sandi Denoncour, registered nurse and Executive Director at Joan G. Lovering Health Center Sergio Zullich, Pharmacy Director at Indian Stream Amy Brady, storyteller from Hollis, NH Mike Costaldo, storyteller from Dover, NH Dianne McCann, retired nurse and storyteller from Durham, NH
Washington DC — Today, Senator Reverend Raphael Warnock (D-GA) will introduce the Affordable Insulin Now Act, legislation that caps out-of-pocket insulin costs for millions of diabetics with private insurance and Medicare coverage. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“For decades, millions of diabetics in this country have had to pay outrageous prices for the medications they need to survive. Even when insulin vials only cost a few dollars to produce, drug companies have hiked the price to hundreds of dollars per month, forcing patients to ration insulin and skip doses altogether — which can have devastating consequences. Senator Warnock’s bill capping insulin out-of-pocket costs to $35 a month for Americans with insurance will put more money in families’ pockets and give them peace of mind knowing they won’t have to choose between purchasing this life saving medication and putting food on the table. We commend Senator Warnock for his unwavering commitment to fighting for a future where quality, affordable health care is a reality for every American.”
As the U.S. emerges from the COVID-19 pandemic, President Biden and Democrats in Congress are planning for the long-term success of American families. Build Back Better makes essential investments in the areas all Americans need to live healthy lives and improves their capacity to participate in the economy, including lowering costs for prescription drugs, health insurance premiums, hearing care, and home health services. Build Back Better is a critical tool in rebuilding the post-pandemic economy, which is exactly why 17 recipients of the Nobel Prize in Economic Sciences authored an open letter in support of President Biden’s Build Back Better package and urged its passage.
The Five Ways Build Back Better Lowers the Cost of Living
Checks Big Pharma’s Greed And Cuts Drug Costs. Over the past 20 years, price increases for brand-name drugs in Medicare Part D have risen at more than twice the rate of inflation. Build Back Better stops this predatory practice from Big Pharma by prohibiting drug companies from raising prices faster than the rate of inflation. This cap would apply to all Americans, and is essential to stop arbitrary price increases on life saving medications. Additionally, Medicare Part D out-of-pocket costs for prescription drugs would be capped at $2,000 per year and insulin co-pays for all Americans with insurance would be capped at $35 each month.
Cuts Monthly Premiums For Nine Million Americans. Build Back Better would be the most significant expansion of American health care since the passage of the Affordable Care Act, by reducing health care premiums for more than nine million Americans purchasing their own coverage through the marketplaces. Individuals would save an average of $600 annually on their premiums and for a family of four making $80,000 a year, premiums will drop nearly $250 a month, or nearly $3,000 a year. Not only would these savings have a profound impact on individuals and families alike, the thousands saved would be reinvested in the American economy.
Closes The Medicaid Gap And Cuts Medical Debt. Build Back Better would allow more than two million Americans currently trapped in the Medicaid coverage gap to access zero dollar premium health coverage. Of those currently in the coverage gap, 62 percent are in the labor force, 30 percent are parents with children at home, more than 25 percent are essential workers, and 15 percent of adults have a disability. Medicaid expansion under the ACA caused a significant reduction in poverty and reduced income inequality across the board by more than 5 percent. In states that have expanded Medicaid, the chance of accruing medical debt is 20 percent lower than non-expansion states and, a 2018 analysis found that Medicaid expansion led to a nearly $6 billion decline in unpaid medical bills and to higher credit scores.
Gives Health Workers And Families A Boost. For years, American families have been struggling to keep their loved ones at home, while the home health care workers caring for them have barely been able to make ends meet. Build Back Better addresses both issues. Currently older Americans and people with disabilities are often forced to liquidate their assets to afford as little as two years of in-home care. Build Back Better would save families paying out-of-pocket an estimated $5,800 a year for four hours of care per week. The direct care workers, who are disproportionately Black, female, and earning less than $30,000 a year, would receive a long overdue pay increase that would combat the HCBS workforce shortage that has been exacerbated by the pandemic and historically low wages. Not only will Build Back Better put more money in the pockets of hardworking Americans and their families, but it will also help to address longstanding gender and racial wealth equity problems.
Provides A Lifeline To Seniors. Currently, 36 million Medicare beneficiaries either lack hearing coverage or are forced to purchase it on fixed incomes. In 2018, the average out-of-pocket cost for hearing care was $914. These costs create serious financial barriers for the 50 percent of Medicare beneficiaries living on incomes below$29,650 per year. The societal cost associated with age-related hearing loss is nearly $300,000 over the life of each impacted individual, making the hearing provision in Build Back Better not only an essential health benefit, but a significant benefit to the economy as well.
Yesterday, President Biden joined U.S. Representative Abigail Spanberger (D-VA-07) in Virginia to urge the Senate to pass the Build Back Better Act’s provisions to lower health care and prescription drug costs. During the event, President Biden made clear that lowering prescription drug prices is essential to fight inflation and “ease the burden on working families.” Polling shows unwavering support for Build Back Better’s health care measures, and coverage makes clear that Democrats’ remain committed to getting Build Back Better over the finish line.
COVERAGE:
Culpeper Star Exponent: ‘Everyone Has Less Money In Their Pockets’ – President Biden Talks Health Care Costs In Culpeper. “‘Everyone has less money in their pockets today because…of health insurance—it’s more expensive for everyone,’ the president said of a 50 percent hike in those costs in the past decade. ‘Prescription drugs are a big chunk of that.’ The president’s plan would also allow Medicare to negotiate drug prices and cap out-of-pocket annual drug costs for Medicare recipients at $2,000. U.S. citizens pay about two to three times more for prescription drugs than other developed countries, Biden said.” [Culpeper Star Exponent, 2/10/22]
CNN: Biden Argues Lowering Prescription Drug Costs Is Key To Easing Everyday Costs For American Families. “President Joe Biden traveled to Virginia on Thursday to argue that his plan for lowering prescription drug prices would ease one of the largest financial burdens American families face at a time when they are coping with rising costs of food, gas and other necessities… The President also praised several Virginia Democrats during his speech, including Democratic Rep. Abigail Spanberger, who represents the swing district where Biden’s remarks took place. Spanberger is up for reelection this fall, and Democrats are trying to hold on to their majorities in the House of Representative and the Senate.” [CNN, 2/10/22]
Reuters: Biden Touts Plan To Bring Down Drug Prices As Helping To Tame Inflation. “U.S. President Joe Biden on Thursday touted his plan to bring down the cost of prescription drugs as an antidote to high inflation on a day when government data showed consumer prices posted their biggest annual gain in 40 years in January… Biden’s plan, contained within the Build Back Better legislation, would give the federal government’s Medicare program for seniors authorization to negotiate drug prices for the first time.” [Reuters, 2/10/22]
Roll Call: In Battleground Virginia District, Biden Touts Spanberger Work On Health Care. “‘Bringing down the cost of health care, bringing down the cost of prescription drugs, is an easy thing for us to do. It can be done legally with a stroke of a pen,’ Biden said at a community college in Culpeper, Va. ‘We just got to get Abigail’s enthusiasm that she got it through in the House of Representatives to the United States Senate.’” [Roll Call, 2/10/22]
ABC 8 News: Biden, Spanberger Call For Action On Drug Prices During VA Visit. “Biden highlighted the fact that Americans regularly pay much higher prices than the rest of the world for identical drugs – often even those sold by the same company… Spanberger said that while many people in her district, which stretches from Culpeper to Nottoway, have suffered as a result of high drug prices, the issue is really national in scope… The legislative priorities they outlined are almost all included in Biden’s Build Back Better plan, which Spanberger supported when it passed the House of Representatives last year. But the bill has been stalled in the senate, where conservative West Virginia Democrat Joe Manchin has effectively stalled it.” [ABC 8 News, 2/10/22]
Navigator Finds Giving Medicare The Power To Negotiate Prescription Drug Prices Remains Top Reason Americans Want Build Back Better Passed. Four out of the five top priorities are health provisions included in Build Back Better. [Navigator, 1/28/22]
Drug Price Negotiation. Overall, 79 percent believed empowering Medicare to negotiate drug prices was a good reason to pass BBB, including 92 percent of Democrats, 78 percent of independents, and 66 percent of Republicans. [Navigator, 1/28/22]
Insulin Cost Capping. Overall, 78 percent believed capping insulin copays at $35 a month was a good reason to pass BBB, including 90 percent of Democrats, 77 percent of independents, and 64 percent of Republicans. [Navigator, 1/28/22]
Lowering Premiums. Overall, 78 percent believed lowering premiums for people purchasing health coverage on their own was a good reason to pass BBB, including 91 percent of Democrats, 77 percent of independents, and 64 percent of Republicans. [Navigator, 1/28/22]
Expanding Medicare To Cover Hearing. Overall, 76 percent believed expanding Medicare to cover hearing aids was a good reason to pass BBB, including 92 percent of Democrats, 76 percent of independents, and 60 percent of Republicans. [Navigator, 1/28/22]
Navigator Poll Demonstrates The Majority of Americans Continue To Support Build Back Better’s Provisions To Lower Prescription Drug Prices. Overall, 70 percent of registered voters support the Medicare drug price negotiation provision in Build Back Better, including 91 percent of Democrats, 62 percent of Independents, and 48 percent of Republicans. [Navigator, 1/12/22]
Voters From Across Political Spectrum Strongly Support Cutting Prescription Drug Prices By Passing Build Back Better. “Of the 16 provisions listed in the survey, five of the top six priorities for voters were health measures…Biden’s comments on lowering prescription drug costs will resonate with the entire electorate: 7 in 10 voters back the provision, including 4 in 5 Democrats and 3 in 5 Republicans.” [Morning Consult/Politico, 12/8/21]
Navigator Poll Confirms Health Care Remains Most Important Reason to Pass Build Back Better. “Top reasons cited as good reasons to pass the plan are lowering health insurance costs, giving Medicare the power to negotiate lower drug prices, [and] expanding Medicare…” [Navigator Research, 11/11/21]
Lowering Prescription Drug Prices Remains High Priority For Passing BBB. 77 percent believe allowing Medicare to negotiate the price of prescription drugs is a good reason to pass the bill, including 94 percent of Democrats, 78 percent of independents, and 57 percent of Republicans. [Navigator Research, 11/11/21]
Three In Five Americans Believe Passing BBB Is Urgent. “Intensity of urgency is high – especially among Democrats (91% say it is “urgent”), Black Americans (82%), and Hispanic Americans (74%).” [Navigator Research, 11/11/21]
***MEDIA ADVISORY FOR FRIDAY, FEBRUARY 11 AT 5:45 PM ET // 2:45 PM PT***
Las Vegas, NV — Today, February 11, 2022, at 5:45 PM ET // 2:45 PM PT, Congresswoman Susie Lee (D-NV-03), State Senator Fabian Doñate, and local advocates will join Protect Our Care Nevada for a virtual press conference. During the call, speakers will discuss therecord number of Americanswho have signed up for coverage during the ACA open enrollment period, making the benefits such as ACA subsidies in the American Rescue Plan permanent, and the urgent need to lower prescription drug prices. Among 14.5 million people, more than 100,000 Nevadans have signed up for coverage through the ACA marketplaces.
Provisions in the 2021 American Rescue Plan made coverage more affordable than ever before, with enhanced premium tax credits allowing four out of five eligible enrollees to find a plan for $10 or less per month. President Biden and the Democrats have worked hard to lower Nevadans’ healthcare and prescription drug costs. As we enter the third year of the COVID-19 pandemic, there has never been a more urgent time to ensure families can get the health care they need.
PRESS CALL:
WHO: Congresswoman Susie Lee (D-NV-03) State Senator Fabian Doñate Local Advocates
WHAT: Virtual Press Conference
WHEN:Friday, February 11, 2022, at 5:45 PM ET // 2:45 PM PT
Today, President Biden joined U.S. Representative Abigail Spanberger (D-VA-07) in Virginia to stress Democrats’ commitment to passing the Build Back Better Act’s critical provisions to lower prescription drug costs. President Biden emphasized the importance of delivering relief to families who are struggling to make ends meet, noting that “everyone has less money in their pockets today because of high drug costs.” Build Back Better gives Medicare the power to negotiate for lower drug prices, caps seniors’ out-of-pocket costs, holds drug companies accountable for excessive price increases, and limits insulin copays to $35 per month for people with insurance. During the event, Rep. Spanberger and President Biden urged the Senate to move quickly to pass the historic legislation.
Richmond Times-Dispatch: Biden, With Spanberger In Culpepper, Urges Lower Prescription Drug Prices. “President Joe Biden visited a heavily Republican rural stronghold in Virginia on Thursday to join Rep. Abigail Spanberger, D-7th, to push Congress to take action on proposals to reduce the price of insulin and other prescription drugs… The $1.75 trillion package stalled in the Senate this year after failing to win support of all 50 Democrats necessary to pass the bill in the evenly divided chamber. Sen. Joe Manchin, D-W.Va., said he was unwilling to support such a large spending package with inflation rising, but he signaled he still wants to take action to lower drug prices.” [Richmond Times-Dispatch, 2/10/22]
AP: Biden Puts Focus On Drug Prices In Fight Against Inflation. “President Joe Biden stressed Thursday that his administration’s policies would cut prescription drug prices and make life more affordable for families… Spanberger said she welcomes any effort to lower prescription drug prices and told reporters that the effort was about a broader attempt to reduce inflation.” [AP, 2/10/22]
The Washington Post: Spanberger Joins Biden In Her District To Talk Prescription Drug Costs. “Rep. Abigail Spanberger (D-Va.) appeared with President Biden in her district Thursday to speak with him about federal action to lower the cost of prescription drugs, part of Biden’s Build Back Better agenda and one of the congresswoman’s foremost priorities as she heads into a heated reelection campaign.” [The Washington Post, 2/10/22]
The Hill: Biden Calls On Senate To Pass His Agenda To Lower Drug Prices. “President Biden on Thursday called on the Senate to pass his currently-stalled Build Back Better legislation, touting that it would lower prescription drug prices, a popular issue ahead of the midterm elections. Biden traveled to the Virginia district of vulnerable Democratic Rep. Abigail Spanberger, saying that drug prices are “outrageously expensive” and calling for action.” [The Hill, 2/10/22]
Bloomberg: Biden Urges Congress To Pass His Plan To Lower Drug Prices. “President Joe Biden called on lawmakers to pass his plan to lower prescription drugs prices, saying he’s seeking to reduce rising costs faced by families at a time when inflation is surging… Biden’s stalled $2 trillion Build Back Better social spending plan seeks to lower prescription medication costs for people with Medicare and private insurance by allowing the federal government to negotiate the price of some drugs, cap out-of-pocket spending for some Medicare enrollees and limit costs for insulin.” [Bloomberg, 2/10/22]
Spectrum News 1: Biden Pushes For Action On Lowering Drug Costs To ‘Ease The Burden On Working Families.’ “President Joe Biden on Thursday called on Congress to take further action to address the skyrocketing prices of prescription drugs across the country, saying it is far past time to ‘ease the burden on working families.’ ‘In America, we pay the highest prescription drug prices of any nation – developed nation – in the world,’ Biden said Thursday. ‘Everyone has less money in their pockets today because of high drug prices, drug costs and health insurance and it’s more expensive for everyone.’” [Spectrum News 1, 2/10/22]
The Build Back Better Act Will Drive Down Prescription Drug Costs for Millions of Patients
Washington, DC — Today, President Biden joined U.S. Representative Abigail Spanberger (D-VA-07) in Virginia to stress Democrats’ commitment to lowering health care costs and delivering meaningful relief for families across the nation. During the event, President Biden confirmed that lowering prescription drug costs and other measures to reduce health care costs remain central to the path forward on Build Back Better.
Build Back Better works to end the status quo by giving Medicare the power to negotiate for lower drug prices, lowering insurance premiums, expanding affordable coverage to millions by closing the Medicaid coverage gap, and more. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“For far too long, high drug prices have been a top concern for Americans from all walks of life. With Build Back Better, President Biden and Democrats are working to rein in Big Pharma’s greed and lower health care costs so millions of families can finally sleep a little easier at night. The bottom line is that giving Medicare the power to negotiate, cracking down on outrageous price increases and capping seniors’ out-of-pocket prescription drug costs will save lives. When the Senate passes Build Back Better, we will have President Biden and Democrats to thank for meeting the demands of voters and bringing real relief to millions of people.”
Abigail Spanberger Is Fighting For Lower Drug Prices. Rep. Spanberger says prescription drug prices are the number one thing she hears about from constituents. “There are people who every single day when they wake up, they’re making decisions about how to go about their day, how to live their lives, based on whether they can afford the medication that they need, and how to afford the medication that they need, and that’s an extraordinary reality and its one that really does impact our entire community, whether its visible to everyone or not,” Spanberger said.
Spenberger: “End The Monopoly. Let Medicare Negotiate Drug Prices.” Spanberger, along with some Democratic colleagues, wrote about their support of the Lower Drug Costs Now Act in a 2021 op-ed in the Washington Post. Spanberger wrote, “Medicare, the U.S. government’s health insurance program for seniors, has long been prohibited by law from negotiating the prices it pays to drugmakers for medications. We know the pharmaceutical industry is using this loophole to set and keep prices high. That’s why giving Medicare the power to negotiate drug prices must be a priority. The U.S. Department of Veterans Affairs already enjoys this leverage. Extending that power to Medicare is a step the House took in 2019 with Republican votes — only to see it die in the Senate. We have another chance to pass it now as part of President Biden’s economic agenda.”
2021: Rep. Spanberger Voted For The Build Back Better Bill, Which Will Lower Prescription Drug Prices. Rep. Spanberger voted for the Build Back Better bill in November 2021. Under this plan, Medicare will be empowered to negotiate prices for select drugs purchased at the pharmacy counter and administered at a doctor’s office. Beginning in 2025, 10 drugs, in addition to insulin, will be negotiated with that number increasing to 20 drugs in 2028 and into the future. Drug companies who refuse to come to the negotiating table will be subject to an excise tax. Under BBB, all Americans with insurance will see their insulin co-pays capped at $35 each month, and for seniors Medicare Part D out-of-pocket costs for prescription drugs will be capped at $2,000 per year.
2020: Rep. Spanberger Sponsored Legislation To Increase Drug Price Transparency. Spanberger sponsored legislation to increase transparency around drug prices to create incentives to help keep prices down. Spanberger sponsored the Public Disclosure of Drug Discounts Act, which would require the rebates, discounts, and price concessions PBM’s negotiate to be made public on a website through the U.S. Secretary of Health and Human Services.
2019: Rep. Spanberger Voted For Historic Legislation To Lower Prescription Drug Prices. Rep. Spanberger voted for the Elijah E. Cummings Lower Drug Costs Now Act (H.R. 3), historic legislation to drastically reduce Americans’ prescription drug prices by up to 55% and save taxpayers nearly $500 billion over the next 10 years. H.R. 3 included the most comprehensive drug pricing reform in American history and the largest expansion to Medicare’s benefits in decades.
President Biden to Travel to Virginia to Join Rep. Spanberger in the Push to Pass Build Back Better
Washington, DC – Tomorrow, President Biden will join U.S. Representative Abigail Spanberger (D-VA-07) in Virginia to urge Congress to pass the Build Back Better Act, including its critical provisions to lower prescription drug prices for American families. Build Back Better’s drug pricing measures are central to the bill’s broad popularity and will lower costs for millions of Americans. In response, Protect Our Care Deputy Communications Director Maddie Twomey issued the following statement:
“Representative Spanberger is a tireless advocate for working families and a true health care champion. Virginians are sick and tired of paying three times more for their prescriptions than people in other countries. Build Back Better will put an end to the broken system that allows Big Pharma to call the shots while seniors and families struggle to afford the medications they need to survive. Thanks to leaders like Rep. Spanberger, we are closer than ever to delivering relief where Virginians need it most and lowering drug prices once and for all.”
Abigail Spanberger Is Fighting For Lower Drug Prices. Rep. Spanberger says prescription drug prices are the number one thing she hears about from constituents. “There are people who every single day when they wake up, they’re making decisions about how to go about their day, how to live their lives, based on whether they can afford the medication that they need, and how to afford the medication that they need, and that’s an extraordinary reality and its one that really does impact our entire community, whether its visible to everyone or not,” Spanberger said.
Spenberger: “End The Monopoly. Let Medicare Negotiate Drug Prices.” Spanberger, along with some Democratic colleagues, wrote about their support of the Lower Drug Costs Now Act in a 2021 op-ed in the Washington Post. Spanberger wrote, “Medicare, the U.S. government’s health insurance program for seniors, has long been prohibited by law from negotiating the prices it pays to drugmakers for medications. We know the pharmaceutical industry is using this loophole to set and keep prices high. That’s why giving Medicare the power to negotiate drug prices must be a priority. The U.S. Department of Veterans Affairs already enjoys this leverage. Extending that power to Medicare is a step the House took in 2019 with Republican votes — only to see it die in the Senate. We have another chance to pass it now as part of President Biden’s economic agenda.”
2021: Rep. Spanberger Voted For The Build Back Better Bill, Which Will Lower Prescription Drug Prices. Rep. Spanberger voted for the Build Back Better bill in November 2021. Under this plan, Medicare will be empowered to negotiate prices for select drugs purchased at the pharmacy counter and administered at a doctor’s office. Beginning in 2025, 10 drugs, in addition to insulin, will be negotiated with that number increasing to 20 drugs in 2028 and into the future. Drug companies who refuse to come to the negotiating table will be subject to an excise tax. Under BBB, all Americans with insurance will see their insulin co-pays capped at $35 each month, and for seniors Medicare Part D out-of-pocket costs for prescription drugs will be capped at $2,000 per year.
2020: Rep. Spanberger Sponsored Legislation To Increase Drug Price Transparency. Spanberger sponsored legislation to increase transparency around drug prices to create incentives to help keep prices down. Spanberger sponsored the Public Disclosure of Drug Discounts Act, which would require the rebates, discounts, and price concessions PBM’s negotiate to be made public on a website through the U.S. Secretary of Health and Human Services.
2019: Rep. Spanberger Voted For Historic Legislation To Lower Prescription Drug Prices. Rep. Spanberger voted for the Elijah E. Cummings Lower Drug Costs Now Act (H.R. 3), historic legislation to drastically reduce Americans’ prescription drug prices by up to 55% and save taxpayers nearly $500 billion over the next 10 years. H.R. 3 included the most comprehensive drug pricing reform in American history and the largest expansion to Medicare’s benefits in decades.
On Thursday, President Biden will travel to Virginia to join U.S. Representative Abigail Spanberger (D-VA-07) and discuss the urgent need to drive down drug prices for the American people. Democrats are continuing to fight tirelessly to pass the legislation to give Medicare the power to negotiate, rein in Big Pharma’s greed, and lower prescription drug prices for millions of people across the country. Voters across the political spectrum support Democrats’s drug pricing measures and are demanding lawmakers get this done.
The Build Back Better Act is a historic plan that will bring down prescription drug prices so people can afford the medicines they need. Build Back Better gives Medicare the power to negotiate lower drug prices, ensures no senior pays more than $2,000 a year for their prescriptions, and protects every American from egregious price increases for the drugs they need to survive. No matter what form the final bill takes, it is clear that Build Back Better’s drug pricing measures must remain fully intact.
For 20 years, big drug companies have been able to dictate the price that Americans pay for prescription drugs and 2022 has been no exception. In January alone, Big Pharma hiked the prices of more than 740 drugs. The medications seeing the biggest increases are the very drugs already raking in blockbuster profits for drugmakers, with 11 of the 15 top selling drugs experiencing large increases. A shocking 93 percent of the drugs with growing price tags saw price hikes higher than the projected rate of inflation for 2023. This shameless greed by Big Pharma means patients can’t afford what they need to stay healthy, but that status-quo ends with Build Back Better. Reining in Big Pharma’s greed will reduce racial inequities in health care, improve the health and well-being of seniors and people with disabilities, strengthen families, and save lives.
Here Are The Three Main Ways Build Back Better Will Drive Down Drug Prices For Patients:
1) Giving Medicare The Power To Negotiate Lower Drug Prices. For nearly 20 years, Medicare has been banned from negotiating the price of prescription drugs, and Big Pharma has been able to dictate prices while Americans pay three times more for their medications than people in other countries. Under Build Back Better, Medicare will be empowered to negotiate prices for select drugs purchased at the pharmacy counter and administered at a doctor’s office. Beginning in 2025, 10 drugs, in addition to insulin, will be negotiated with that number increasing to 20 drugs in 2028 and into the future. Drug companies who refuse to come to the negotiating table will be subject to an excise tax.
2) Protecting Insulin Access For Millions With Diabetes. Starting in 2023, insulin products will also be negotiated. Under Build Back Better, all Americans with insurance will see their insulin co-pays capped at $35 each month. Currently, as many as one in four of the 7.5 million Americans dependent on insulin are skipping or skimping on doses, which can lead to death. The insulin provisions in Build Back Better are expected to provide savings to millions of insulin users across the country.
3) Putting An End To Runaway Price Increases. Build Back Better stops Big Pharma from raising prices faster than the rate of inflation. For example, Humira, a medication commonly used to treat rheumatoid arthritis, is one of the nation’s highest revenue generating drugs, raking in $21 billion in sales in 2019. AbbVie, Humira’s manufacturer, has hiked the price of Humira more than 25 times, including in January 2022 when it raised its cost by 7.4 percent, bringing the price up a staggering $441, creating a cost of $6,409 for a single month’s supply. This cap would apply to all Americans, and is essential to stop arbitrary price increases on essential medications. Over the past 20 years, price increases for brand-name drugs in Medicare Part D have risen at more than twice the rate of inflation.
4) Capping Out-Of-Pocket Spending For Seniors. Seniors with serious conditions like cancer, multiple sclerosis, and rheumatoid arthritis could save thousands of dollars on prescriptions under the Build Back Better Act. Medicare Part D out-of-pocket costs for prescription drugs will be capped at $2,000 per year. The redesign of Medicare Part D will also allow out-of-pocket spending to be smoothed over the course of the year, so patients are not forced to pay the entirety of their out-of-pocket cost at the beginning of the year.
***MEDIA ADVISORY FOR TODAY, FEBRUARY 1 AT 9:30 AM ET***
Atlanta, GA — Today, February 1 at 9:30 AM ET, Congressman Hank Johnson, State Senator Nan Orrock, and local advocates will join Protect Our Care Georgia and advocates to discuss the record number of Americans who have signed up for coverage during the ACA open enrollment period, and the need to make the lower ACA premiums — passed in the American Rescue Plan — permanent by passing the Build Back Better Act.
Among the 14.5 million people, 701,135 Georgianshave signed up for coverage through the ACA marketplaces; a 36% increase from 2021. Provisions in the 2021 American Rescue Plan made coverage more affordable than ever before, with enhanced premium tax credits allowing four out of five eligible enrollees to find a plan for $10 or less per month. As we enter the third year of the COVID-19 pandemic, there has never been a more urgent time to ensure families can get the health care they need. President Biden and the House Democrats have worked hard to lower health care and prescription drug costs for Georgians. Now it’s more important than ever that the Senate pass the Build Back Better legislation.
VIRTUAL EVENT:
WHO: U.S. Representative Hank Johnson (D-GA-04) State Senator Nan Orrock Treylin Cooley, Healthcare Navigator at Georgians for a Healthy Future Local Advocates
