Biden Administration Cracks Down on Pharma Companies for Inflated Drug Prices, Benefits Older Americans

The Biden-Harris Administration has announced that dozens of pharmaceutical companies will be required to pay rebates to Medicare for raising prices on prescription drugs faster than inflation. The Inflation Reduction Act cracks down on price gouging by Big Pharma, saving seniors who take these drugs between $1 and $2,786 per dose. The Act allows Medicare to directly negotiate lower prescription drug prices, caps the cost of insulin for Medicare beneficiaries at $35, and requires drug companies to pay rebates if they raise prices faster than inflation. The Administration is also focused on ensuring fair pricing for medications developed with taxpayer funds and is taking steps to increase competition and bring down costs for families. The Inflation Reduction Act has already saved millions of Americans money on health insurance, insulin, vaccines, and prescription drugs, and will continue to deliver cost-savings in the coming years.