Ranking Member Raskin’s Statement on Biden-Harris Administration’s Historic Step to Negotiate Medicare Drug Pricing
Washington, D.C. (August 30, 2023)— Rep. Jamie Raskin, Ranking Member of the Committee on Oversight and Accountability, issued the following statement on the Biden-Harris Administration's announcement that ten drugs will now be eligible for price negotiation under Medicare as a direct result of the Inflation Reduction Act:
"This historic change fulfills the promise of the Inflation Reduction Act by making critical and life-sustaining medications available to millions of Americans at a lower cost. Since 2019, Oversight Committee Democrats have opposed drug company tactics of keeping drug prices high to gouge the federal government. We have fought to ensure that drugs used to treat cancer, diabetes, and heart disease would be accessible and affordable for Americans managing a health crisis.
"Even as our GOP colleagues pursue wild goose chase political vendettas, we are working with the Biden Administration to bring down skyrocketing prescription drug prices. This announcement should provide some peace of mind to seniors and other Americans trying to access the medications they need while still knowing the Inflation Reduction Act will save taxpayers $160 billion in the long run."
Oversight Committee Democrats have long studied efforts to make prescription drugs more affordable for Americans. On January 14, 2019, Committee Democrats launched a ground-breaking investigation into some of the costliest drugs covered by Medicare and the insidious tactics drug companies use to keep drug prices high.
On December 10, 2021, Committee Democrats released its eighth report in its investigation into pharmaceutical pricing and business practices, analyzing internal data from drug companies to estimate billions in savings lost because of the prohibition on free market-style Medicare negotiation. These findings underscored reforms found in the Inflation Reduction Act to empower Medicare to negotiate directly with drug companies and rein in skyrocketing drug prices.
As of today, the landmark Inflation Reduction Act has already saved 15 million Americans $800 a year on health insurance premiums and ensured that 4 million seniors can access insulin for just $35 a month, among other benefits.
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