The Biden administration announced Wednesday that some Medicare beneficiaries will save money on 64 prescription drugs for the third quarter of this year as part of a program aimed at curbing massive price increases.
The Inflation Reduction Act (IRA), which President Biden and congressional Democrats signed into law in 2022, requires pharmaceutical companies to pay rebates to Medicare when prices rise faster than the inflation rate for certain drugs. Health authorities then adjust the cost of medications that qualify for savings under the program.
Biden has made lowering drug prices a key part of his agenda and a pillar of his re-election campaign, but polls have shown that most voters have limited awareness of these efforts. The administration is focusing on out-of-pocket issues aimed at helping families keep expenses under control and tying health policies to Biden’s economic successes.
“Without the Inflation Reduction Act, seniors were completely exposed to price increases from big pharmaceutical companies. Not anymore,” White House domestic policy adviser Neera Tanden said in a statement.
The IRA contains a number of drug pricing provisions, including allowing Medicare to negotiate the prices of certain high-cost drugs as well as limiting how much people with Medicare Part D spend on prescription drugs per year.
Wednesday’s announcement comes one day before the first general election presidential debate between Biden and former President Trump. Trump also praised his work to lower drug prices, although the efforts have been much more limited.
The drugs announced Wednesday will have a reduced Part B coinsurance rate from July 1 to September 30, as each pharmaceutical company has raised prices faster than the rate of inflation.
The list includes Bristol Myers Squibb’s Abecma, a cell therapy for multiple myeloma, and Pfizer’s targeted cancer treatment for certain lymphomas, called Adectris. It also includes Pfizer’s Astellas Pharma and Padcev, a targeted treatment for advanced bladder cancer.
Health officials said more than 750,000 people with Medicare annually use the drugs, which treat conditions such as osteoporosis, cancer and infections.
As a result of the rebate program, people with Medicare could save more than $4,500 a day, the administration said.
This story originally appeared on thehill.com read the full story
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