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Thanks to President Biden and Democrats in Congress, Medicare is currently negotiating lower prices for the costliest prescription drugs. Lower prices for the first 10 drugs selected for negotiation will take effect in 2026, and by 2030, up to 80 drugs will have lower negotiated prices. A new report by the Center for American Progress estimated prices for the drugs currently undergoing price negotiations with Medicare, finding price reductions will be as high as nearly $80,000 for some drugs. Even as they make billions of dollars in revenue, big drug companies are suing in court to protect their sky-high profits by blocking the Medicare negotiation program so they can continue to charge patients unaffordable prices. Republicans in Congress have introduced legislation to repeal not only the negotiation program, but also the new $2,000 out-of-pocket cap on Medicare prescription drug costs, which takes effect in 2025. 

Estimated Savings For Patients Taking The First 10 Drugs Subject to Medicare Negotiation

• Medicare negotiation will cut the price of an annual supply of Eliquis by approximately $1,488. More than 3.5 million Medicare Part D patients take the blood clot drug produced by Bristol Myers Squibb and Pfizer, which charge U.S. patients 3–7 times more than patients in other high income countries like Switzerland and Australia. The companies have spent a combined $101 billion on stock buybacks to reward investors and have reported a combined $106 billion in sales from Eliquis since launching the drug.
  
• Medicare negotiation will cut the price of an annual supply of Enbrel by approximately $30,912. Nearly 50,000 Medicare Part D patients take the rheumatoid arthritis, psoriasis, and psoriatic arthritis drug produced by Amgen, which charges U.S. patients 4–13 times more than patients in other high income countries like Switzerland and Japan. Amgen paid its CEO over $21 million last year and has spent $89 billion on stock buybacks to reward investors since launching the drug. The company has reported over $84 billion in sales from Enbrel.
• Medicare negotiation will cut the price of an annual supply of Entresto by approximately $3,444. 521,000 Medicare Part D patients take the heart failure drug produced by Novartis, which charges U.S. patients 3–9.5 times more than patients in other high income countries like Switzerland and Japan. Novartis gave its CEO a 21 percent raise last year and has spent over $44 billion on stock buybacks to reward investors since launching the drug. The company has reported over $20 billion in sales from Entresto.
• Medicare negotiation will cut the price of an annual supply of Farxiga by approximately $1,992. Nearly 640,000 Medicare Part D patients take the diabetes, heart failure, and chronic kidney disease drug produced by AstraZeneca, which charges U.S. patients 7–15 times more than patients in other high income countries like Switzerland and Australia. AstraZeneca paid its CEO over $21 million last year, making him the highest-paid pharma CEO in Europe, and has spent nearly $35 billion on stock buybacks to reward investors since launching the drug. The company has reported nearly $21 billion in sales from Farxiga.
• Medicare negotiation will cut the price of an annual supply of Fiasp/NovoLog by approximately $360. 763,000 Medicare Part D patients take the diabetes drug produced by Novo Nordisk, which charges U.S. patients 7–17.5 times more than patients in other high income countries like Switzerland and Australia. Novo Nordisk gave its CEO a 13 percent raise (around $10 million) last year and has spent $36 billion on stock buybacks to reward investors since launching the drug. The company has reported nearly $44 billion in sales from Fiasp/NovoLog formulations.
• Medicare negotiation will cut the price of an annual supply of Imbruvica by approximately $78,576. Over 20,000 Medicare Part D patients take the blood cancer drug produced by AbbVie and Johnson & Johnson, which charge U.S. patients 1.5–5 times more than patients in other high income countries like Switzerland and Australia. The companies have spent a combined $91.2 billion on stock buybacks to reward investors and have reported a combined $58.5 billion in sales from Imbruvica since launching the drug.
• Medicare negotiation will cut the price of an annual supply of Januvia by approximately $1,644. 885,000 Medicare Part D patients take the type 2 diabetes drug produced by Merck, which charges U.S. patients 5–20 times more than patients in other high income countries like Canada and Germany. Merck paid its CEO $52 million in total compensation in 2022 and has spent nearly $53 billion on stock buybacks to reward investors since launching the drug. The company has reported over $53 billion in sales from Januvia.
• Medicare negotiation will cut the price of an annual supply of Jardiance by approximately $1,836. More than 1.3 million Medicare Part D patients take the type 2 diabetes drug produced by Boehringer Ingelheim and Eli Lilly, which charge U.S. patients 6–14 times more than patients in other high income countries like Switzerland and France. The companies have spent a combined $12.6 billion on stock buybacks to reward investors and have reported a combined $32.4 billion in sales from Jardiance since launching the drug.
• Medicare negotiation will cut the price of an annual supply of Stelara by approximately $13,824. 20,000 Medicare Part D patients take the psoriasis, psoriatic arthritis, Crohn’s disease, and ulcerative colitis drug produced by Johnson & Johnson’s Janssen Pharmaceuticals. Johnson & Johnson charges U.S. patients 2–7.5 times more than patients in other high income countries like Germany and Australia. Johnson & Johnson paid its CEO over $13 million in 2022 and has spent $78.2 billion on stock buybacks to reward investors since launching the drug. The company has reported over $64 billion in sales from Stelara.
• Medicare negotiation will cut the price of an annual supply of Xarelto by approximately $1,416. More than 1.3 million Medicare Part D patients take the blood clot drug produced by Johnson & Johnson and Bayer, which charge U.S. patients 3–8 times more than patients in other high income countries like Japan and Australia. The companies have spent a combined $54.8 billion on stock buybacks to reward investors and have reported a combined $64.3 billion in sales from Xarelto since launching the drug.

***MEDIA ADVISORY FOR FEBRUARY 22, 2024 AT 12:30PM PT// 3:30 PM EST***

The Inflation Reduction Act gave Medicare power to negotiate drug prices for the first time  

Los Angeles, CA – Dr. Meena Seshamani, MD, Ph.D., Deputy Administrator of the Centers for Medicare and Medicaid Services and Director of the Center for Medicare, will join Protect Our Care California and local seniors and advocates to discuss how Medicare negotiations will lower prescription drug costs for seniors in California. The Biden administration recently announced the next phase of the Medicare Drug Price Negotiation program, a step which will lower prices for some of the highest-cost prescription drugs that seniors rely on to treat conditions like cancer, diabetes, and autoimmune disorders – conditions that disproportionately impact women, communities of color, and people in rural areas. Speakers will explain what this means for seniors in California and how lowering the cost of health care and prescription drugs remain central to the Inflation Reduction Act’s popularity, and the importance of protecting these policies. 

Speakers will also highlight all of the new cost-saving benefits for seniors in the Inflation Reduction Act, including: 

• Medicare negotiation for lower drug prices 
• A $35 monthly copay cap on insulin 
• Free shingles and other essential vaccinations
• $2,000 out-of-pocket caps on prescription drugs beginning in 2025

This event comes as drug companies and their allies are trying to derail health care policies that will bring down costs. Pharmaceutical companies are suing the federal government to protect their massive profits by halting the Medicare negotiation provision while their Congressional allies are attempting to repeal it. President Biden and his administration are already working to expand these cost savings to more Americans, and hold Big Pharma accountable. If opponents of the Affordable Care Act get their way, they would throw millions of people off of Medicaid, keep drug costs high for seniors, and make health care coverage more expensive for families purchasing coverage on their own through the Affordable Care Act. 

WHO: Dr. Meena Seshamani, MD, Ph.D., Director of the Center for Medicare
U.S. Representative Judy Chu
Dr. Jerry Abraham
Representative from California Alliance for Retired Americans
Nicole Serrano, Protect Our Care California

WHEN: Thursday, February 22, 2024 at 12:30 PM PT // 3:30 PM EST

WHERE: Plummer Park Community Center, Art Room 2, 7377 Santa Monica Boulevard, West Hollywood, CA 90046

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New KFF polling released today finds that health care is top of mind headed into the 2024 election. ACA popularity remains high at nearly 60 percent. At the same time, 50 percent of voters, including the majority of independents, support Democrats’ plans to expand the ACA. The new polling comes as Trump has doubled down on his threats to repeal the health care law, which would throw people off their coverage, drive up costs, and rip away protections for pre-existing conditions. Read key findings from KFF below: 

Health Care Affordability Remains Top Issue Headed Into November. “Inflation and health care affordability continue to be the top issues voters want the 2024 presidential candidates to talk about on the campaign trail, and while national news has recently emphasized an improving national economy alongside expanded consumer spending, most voters (67%) rate the national economy as ‘not so good’ or ‘poor.’ Voters’ assessment of the economy is largely influenced by their perceptions of their own costs, as majorities describe the economy negatively due to the cost of everyday expenses (64%), inflation (63%), the cost of housing (57%), or the cost of health care (48%).” [KFF, 2/21/24]

Just 16 Percent Of Voters Think Trump Has A Health Care Plan. “While Republican voters think President Trump has a better approach to determining the future of the ACA, many say they either don’t think he has a health care plan to replace the 2010 law or are unsure. A majority of voters, including seven in ten Republican voters, say they do not think President Trump has a health care plan to replace the ACA (42%) or that they are not sure if he has a plan (43%).” [KFF, 2/21/24] 

ACA Popularity Remains High As More Republicans View The Law Favorably. “The Affordable Care Act continues to be more popular than it was prior to Republican attempts to repeal it in 2017, with six in ten (59%) expressing a favorable view…However, views of the Affordable Care Act remain partisan with nearly nine in ten (87%) Democrats and about half (55%) of independents holding positive views of the law while two-thirds (67%) of Republicans view the law unfavorably. One-third (33%) of Republicans view the law favorably, a share that has increased since the law was enacted.” [KFF, 2/21/24]

Half Of Voters Want To Expand The ACA. “Building on the ACA has been a focal point of President Biden’s health care agenda, while former President Trump has recently discussed his desire to try again to repeal and replace the law. Half of the public say they would like to see the next president and Congress expand what the ACA does. A smaller share wants to keep the law as it is (16%) and about a third want to either scale back what the law does (14%) or repeal it entirely (18%).” [KFF, 2/21/24] 

A Majority Of Democrats And Independents Want To Expand The ACA. “Partisans differ on these approaches, with about three in four Democrats wanting the 2024 incoming administration and Congress to expand what the law does (77%), while two-thirds of Republicans want the law to be scaled back (23%) or repealed entirely (39%). A majority of independents want the law to be expanded (48%) or kept as it is (18%).” [KFF, 2/21/24]

Voters Want Protections For Pre-Existing Conditions To Remain Law. “These protections have been consistently popular among the public, and about two-thirds of adults say it is “very important” that provisions prohibiting insurance companies from denying coverage because of a person’s medical history (67%) and prohibiting insurance companies from charging sick people more (65%) remain law.” [KFF, 2/21/24]

***MEDIA ADVISORY FOR TUESDAY FEBRUARY 20 AT 10 AM PT // 1 PM ET***

Los Angeles, CA — On Tuesday, February 20 at 10 AM PT // 1 PM ET, U.S. Representatives Pete Aguilar (D-CA-33), Judy Chu (D-CA-28), and Sydney Kamlager-Dove (D-CA-37), and health care advocates will join Protect Our Care California to highlight record-breaking open enrollment numbers, including the 1.7 million Californians who have signed up for affordable coverage through the ACA. The Biden administration announced that 21.3 million people across the nation enrolled in coverage during the latest open enrollment period. These numbers are nearly double the number of people enrolled when President Biden took office and include more than 5 million new signups. 

Thanks to the Inflation Reduction Act’s reduction of health insurance premium costs, 80 percent of enrollees were able to find a health plan through the Marketplace for $10 or less per month. President Biden and Democrats in Congress are fighting tirelessly to extend these savings. 

As record numbers are relying on the ACA for affordable coverage, Donald Trump has fully reignited his war on health care. Speakers will call out how Trump’s plan to repeal the ACA would throw millions of Americans off their coverage, drive up costs, and dismantle vital protections for people with pre-existing conditions. 

PRESS CALL

WHO:
U.S. Representative Pete Aguilar (D-CA-33)
U.S. Representative Judy Chu (D-CA-28)
U.S. Representative Sydney Kamlager-Dove (D-CA-37)
Health care advocates

WHAT: Virtual Press Conference 

WHERE: Register for the Zoom Here [Registration required]

WHEN: Tuesday, February 20, 2024 at 10 AM PT // 1 PM ET

***MEDIA ADVISORY FOR FRIDAY, FEBRUARY 16 AT 9 AM PT // 12 PM ET***

Las Vegas, NV — On Friday, February 16 at 9 AM PT // 12 PM ET, United States Representative Steven Horsford (D-NV-04) and Travis Brock, an Affordable Care Act enrollee, will join Protect Our Care Nevada to highlight record-breaking open enrollment numbers, including the 96,706 Nevadans who have signed up for affordable coverage through the ACA. The Biden administration announced that 21.3 million people across the nation enrolled in coverage during the latest open enrollment period. These numbers are nearly double the number of people enrolled when President Biden took office and include more than 5 million new signups. 

Thanks to the Inflation Reduction Act’s reduction of health insurance premium costs, 80 percent of enrollees were able to find a health plan through the Marketplace for $10 or less per month. President Biden and Democrats in Congress are fighting tirelessly to extend these savings. 

As record numbers are relying on the ACA for affordable coverage, Donald Trump has fully reignited his war on health care. Speakers will call out how Trump’s plan to repeal the ACA would throw millions of Americans off their coverage, drive up costs, and dismantle vital protections for people with pre-existing conditions. 

PRESS CALL

WHO:
United States Representative Steven Horsford (D-NV-04)
Travis Brock, Affordable Care Act Enrollee
Sandra Jauregui, Protect Our Care Nevada

WHAT: Virtual Press Conference 

WHERE: Register here (registration required)

WHEN: Friday, February 16, at 9 AM PT // 12 PM ET

***MEDIA ADVISORY FOR WEDNESDAY, FEBRUARY 14 AT 10:00 AM ET***

Casey-Backed Inflation Reduction Act Gave Medicare Power to Negotiate Drug Prices for the First Time.  

In August 2023, the Biden Administration Announced the First Round of Prescription Drugs to Be Negotiated by Medicare.

In November 2023, the Senate Finance Committee Sent a Legislative Package, Including Bipartisan Casey-Led Provisions Protecting Seniors From High Drug Costs to the Senate Floor for Vote.  

Jessup, PA – On Wednesday, February 14, 2024, at 10:00 AM ET, U.S. Senator Bob Casey (D-PA) will join health care advocates and community leaders to highlight how the Inflation Reduction Act’s historic provisions are reducing costs for seniors. Specifically, the IRA allows Medicare to negotiate prescription drug prices for the first time and caps the cost of insulin for Part D beneficiaries at $35 a month. These provisions are protecting Pennsylvanians from unfair drug prices and lowering costs for seniors. A media availability will follow the speaking program. 

PRESS EVENT

Who:
U.S. Senator Bob Casey
Michael Berman, Pennsylvania State Director for Protect Our Care
Barbara Richel, Lake Ariel resident

When: Wednesday, February 14, 2024, at 10:00 AM ET

Where: Address provided upon RSVP to [email protected]. Press should include the names and phone numbers of each person planning to attend. 

AstraZeneca announced it raked in $45.5 billion in 2023 – a $1.46 billion increase over 2022 – during their earnings report last week. While they make billions, drug companies charge Americans over four times more for prescription drugs than customers in other high-income countries. 

• During the call, CEO Pascal Soriot underscored his company’s greed in suing the Biden administration to block Medicare from negotiating lower prescription drug prices. Soriot noted that Medicare Negotiation has a “quite limited” impact on their global sales, and the Inflation Reduction Act’s $2,000 annual out-of-pocket cap on drug costs “is going to be a very, very good system” and “will mean a reduction of free goods, we have to give,” suggesting they are suing to protect a small portion of their profits at the expense of American seniors and taxpayers. 

• AstraZeneca’s CEO, Pascal Soriot made over $120 million in total compensation over the past ten years, while the company hiked prices on lifesaving medication. 
• AstraZeneca charges U.S. customers more than seven times more for Farxiga than customers in other high-income countries, even when considering net prices in the U.S. 
• On aggregate, drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses.
• Over 80 percent of voters support giving Medicare the power to negotiate, making it the most popular provision in the Inflation Reduction Act. 

The Inflation Reduction Act brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin at $35 per month and providing free vaccines including shingles, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs to $2,000 annually starting in 2025.  

Read more:

REPORT: Why Medicare Needs the Power to Negotiate for Lower Drug Costs: the Five Drugs That Tell the Story

FACT SHEET: Big Drug Companies Are in Court to Stop Medicare Negotiation and Protect Their Sky-High Profits

Washington, D.C. — Today, CEOs of top drug companies went before the Senate HELP Committee to try to justify their outrageous prices. The CEOs of Bristol Myers Squibb, Johnson & Johnson, and Merck all produce some of the highest-priced drugs on the market, and they continue to bring in record profits, lining the pockets of executives and shareholders, all while charging consumers in other countries less for the same drugs. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement: 

“These CEOs ought to be ashamed of themselves. They are lying to the American people by claiming they have to charge Americans four times more than people in other countries for the same drugs. As millions of Americans struggle to afford their prescription drugs, there is no defense for these sky-high prices. Drug company greed knows no bounds. All of these companies are in court right now trying to take away Medicare’s power to negotiate lower drug prices. They are working with Republicans to repeal all of the Inflation Reduction Act’s drug pricing measures. Drug companies are fighting tooth and nail to hike costs on seniors and families — all in the name of corporate profit.”

Today, CEOS of big drug companies are slated to go before Congress and explain why they are ripping off the American people. In the hearing led by HELP Committee Chairman Bernie Sanders (I-VT), the CEOs of Bristol Myers Squibb, Johnson & Johnson, and Merck will have to defend their sky-high drug prices as millions of Americans struggle to afford their prescription drugs. During recent earnings calls, Bristol Myers Squibb, Johnson & Johnson, and Merck touted billions in profit in 2023, which comes as they are fighting to take away Medicare’s power to negotiate lower drug costs.

Big drug companies charge Americans up to four times more than people in other countries, causing patients to skip or cut doses of critical life-saving medications. One in five adults report that they have not filled a prescription because of the cost, while one in ten say they have cut or skipped doses of medicine in the last year. Higher drug costs also disproportionately impact low-income families, rural Americans, and people with disabilities. 

The hearing comes as the Biden administration is implementing the Inflation Reduction Act’s Medicare Price Negotiation Program and lowering drug costs for seniors. The program is projected to save seniors and taxpayers tens of billions of dollars. Bristol Myers Squibb, Johnson & Johnson, and Merck all have drugs up for negotiation, so they are spending millions of dollars on lobbying and filing meritless lawsuits to block the Negotiation Program. Republicans are also working alongside drug companies by introducing legislation to repeal all of the Inflation Reduction Act’s measures to lower drug prices for the American people. 

In response, Protect Our Care Chair Leslie Dach issued the following statement: 

“These CEOs will be putting their relentless greed on full display as they attempt to explain why Americans are charged far more than people in other countries. Big drug companies have been ripping Americans off for years and we are sick and tired of it. It is outrageous that people have to skip doses and not fill prescriptions while the CEOs and shareholders line their pockets with cash. Even worse, these drug companies are fighting to rip away savings from seniors by banning Medicare from negotiating for lower prices. Their massive profits are made on the backs of American consumers and they want us to continue to pay the price for their greed.”

Here’s What You Need to Know About the State of Drug Prices in 2024

Drug Prices Are Too High

80 Percent Of Adults Say The Cost Of Prescription Drugs Is Too High. With six in ten adults taking at least one prescription drug, and over one in four needing more than four medications, 82 percent of adults agree that the cost of prescription drugs is unreasonable. 30 percent of adults have not taken medication as prescribed due to cost in the past year. One in five adults have not filled prescriptions and 12 percent have cut pills in half or skipped doses completely due to cost. Young adults between 18-29 years old, Hispanic adults, people taking four or more prescription drugs, and those living in households with incomes less than $40,000 per year are most vulnerable when it comes to the affordability of medication.

Prices For Prescription Drugs Increased More Than Other Household Goods. In 2020, the average annual cost for prescription drugs used to treat chronic illnesses was more than $26,000 per drug. This is more than one-third of the median household income of $69,639. If drug price increases had been limited to the rate of inflation, as is now required by the Inflation Reduction Act, prices would be more than $14,000 lower. The average annual cost of generic drugs was nearly $6,000 cheaper than name brands. 

Americans Believe That Profits For Pharmaceutical Companies Are A Major Factor For Drug Prices. Eight in ten adults regardless of political party affiliation believe that profits for drug companies are a major contributor to the price of prescriptions. 75 percent believe there should be more regulation to reign in the price of prescription drugs, including majorities across partisanship. 

Drug Companies Continue To Rake In Massive Profits. While the pharmaceutical industry is crying wolf to the courts to try to ban Medicare from negotiating lower prices, they’re not sounding the same alarms to Wall Street investors. Some of the most expensive drugs have made as much as $90.9 billion in revenue – making drug makers among the most profitable companies in the world. Rather than pricing their drugs reasonably so they’re affordable and accessible to people, big drug companies spend hundreds of billions on stock buybacks for their investors and reward their executives with massive salaries and bonuses. While drug companies rake in billions, U.S. drug prices are up to four times higher than prices in other high-income countries, leading patients in America to cut pills and skip doses to make ends meet.

Drug Company Arguments That Innovation Will Suffer Are False. Big pharma insists to lawmakers that the new Medicare Drug Price Negotiation Program will undermine American biopharmaceutical leadership and discourage the development of new medications. Meanwhile, many drug companies announced increases in research and development following the passage of the Inflation Reduction Act, suggesting that they believe they will be able to recoup additional investments in drug development. For example, J&J reported a 21 percent increase in R&D spending in 2022, Merck & Co reported a 10.6 percent increase in 2022, and Moderna reported a 65 percent increase in 2022 and projected further increases in 2023. 

President Biden Has Lowered Drug Prices, While Republicans Continue To Defend Big Pharma

How the Inflation Reduction Act Lowers Drug Prices:

• 4 million Americans on Medicare who use insulin are now charged no more than $35 per month for an insulin prescription.
• 50.5 million of America’s seniors are able to receive the shingles vaccination and other recommended vaccinations free of cost.
• Seniors on Medicare will be protected from drug company price hikes thanks to increased inflation rebates.
• Nearly 9 million people take the first ten drugs that were selected for Medicare negotiation. These drugs account for 20 percent of the annual Medicare Part D spending. Negotiated prices will take effect in 2026.
• 400,000 low-income seniors will receive more help affording prescription drugs through the Medicare Part D Low-Income Subsidy Program.
• Medicaid and CHIP beneficiaries have access to recommended vaccinations free of cost.
• Seniors with the highest brand-name drug costs will see relief because their coinsurance is phased out, effectively capping their out-of-pocket costs at $3,250 for the year.
• In 2025, out-of-pocket costs in Medicare Part D will be capped at $2,000, saving nearly 19 million Americans an average of $400 each year. 

Big Pharma Is Working To Keep Drug Prices High. Drug company giants including Merck, Bristol Myers Squibb, Johnson & Johnson-owned Janssen Pharmaceuticals, Boehringer Ingelheim, AstraZeneca, Novartis, and Novo Nordisk as well as mega lobbying groups PhRMA (of which Amgen, Johnson & Johnson and others are members) and the US Chamber of Commerce (which represents AbbVie as a member), have filed meritless lawsuits against the federal government in an effort to stop Medicare from negotiating for lower prescription drug prices — the most popular provision of the Inflation Reduction Act. These lawsuits seek to end Medicare’s new ability to negotiate lower prescription drug prices for Medicare beneficiaries. If the big drug companies get their way, patients will pay more so the drug companies can make more money:

• GONE: Medicare’s power to negotiate lower prices for the most popular and expensive prescription drugs. Under the Inflation Reduction Act, Medicare is set to begin negotiating prices for 10 of the top 50 most expensive Part D drugs in 2026, adding another 15 drugs in 2027 and 2028, and another 20 in 2029 and subsequent years.
• GONE: $98.6 billion in Medicare savings over the next decade from the drug negotiation program, which translates into savings for patients and taxpayers.
• GONE: Lower Part D premiums and lower out-of-pocket drug costs for certain Medicare beneficiaries who rely on qualifying drugs.

Republicans Voted Against Lowering Drug Prices. Every single Republican in the House and Senate voted against the Inflation Reduction Act — keeping drug prices high and money in the pockets of big pharma. Republicans gave into big drug companies’ lobbying campaign, turning their backs on the American people despite the law’s vast support from voters of all parties. Big Pharma’s GOP allies in Congress have repeatedly introduced legislation to repeal the Inflation Reduction Act’s prescription drug provisions, which would increase drug costs for millions of seniors. In 2023, Senator Mike Lee reintroduced legislation that would not only repeal Medicare’s new ability to negotiate lower drug prices but would also repeal the new penalties on drug companies that increase prices faster than inflation, and roll back the new $2,000 out-of-pocket spending cap on drug costs for those on Medicare. The Republican Study Committee also released a budget proposal that repeals the Inflation Reduction Act’s Medicare negotiation program entirely.

Americans Support The Inflation Reduction Act.  Overall, 73 percent of Americans support the Inflation Reduction Act, including 95 percent of Democrats, 73 percent of independents, and 52 percent of Republicans. The health care and drug pricing provisions are among the most popular parts of the Inflation Reduction Act.  An overwhelming 88 percent of Americans, including 87 percent of Republicans, support Congress taking action to cap the price of insulin copays for those with private insurance and Medicare at $35 per month. 83 percent of Americans from all political backgrounds strongly back Medicare drug price negotiation.