On the 6th day of repeal, the GOP took from me: fewer Pharma price hikes.
The Inflation Reduction Act stopped big drug companies from raising Medicare prescription prices faster than the rate of inflation starting at the beginning of 2023. The Biden administration recently announced that the manufacturers of 48 drugs under Medicare Part B hiked prices faster than inflation in the last quarter of 2023 and will now be required to pay back Medicare through lower copays starting on January 1, 2024. The rebate payments are expected to save seniors who rely on these drugs up to $2,786 per dose.
If the GOP is successful in repealing the Inflation Reduction Act, big drug companies will once again be allowed to hike prices however much they want at any time — all at the expense of American families.
Read More:
The MAGA Republican War on American Health Care
As Savings Soar Ahead of First Anniversary of Inflation Reduction Act, Republicans Threaten Repeal
Fact Sheet: Protecting Seniors From Prescription Cost Price Hikes