Over the last several weeks, Protect Our Care has been monitoring drug company earnings after they fought the passage of the Inflation Reduction Act’s measures to lower drug costs for American families. The results are in: drug company revenue has continued to skyrocket. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Many of the same companies reporting eye-popping earnings are going to court to stop Medicare from negotiating lower drug prices.
Before September 1, the Biden administration will announce the first round of drugs eligible for lower prices under the Medicare Drug Negotiation Program. The Inflation Reduction Act also brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin, stopping drug company price hikes, and limiting the amount people have to pay each year for prescription drugs.
Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story here.