Larson Applauds Lower Drug Prices for Seniors on Medicare

East Hartford, CT – Today, Rep. John B. Larson (CT-01) applauded the latest announcement of negotiated prescription drug prices from Medicare, including Ozempic and Wegovy. Democrats’ Inflation Reduction Act, which Larson helped author and pass on the Ways and Means Committee, empowered Medicare to negotiate lower drug prices for the first time. Together, the first and second round of negotiations will save seniors over $2 billion in out-of-pocket costs annually.  

“Families and seniors are being squeezed by rising costs everywhere they look, especially at the pharmacy,” said Larson. “Make no mistake – seniors are saving on some of the most commonly-prescribed medications because of Democrats’ work to pass the Inflation Reduction Act. We capped out-of-pocket drug costs for seniors and finally empowered Medicare to negotiate lower prices, and now, we are fighting to expand those cost savings to all Americans. Trump may be in the White House, but he is not the one lowering costs. Since taking office, he’s tried to undermine the price negotiation process and slap sky-high tariffs on prescriptions. Democrats have real solutions to take on the rising cost of living and build on the progress we’ve made. Americans need action now.” 

As a senior member of the Ways and Means Committee, Rep. Larson led efforts to empower Medicare to negotiate lower drug costs for seniors in the Inflation Reduction Act, which was signed into law by President Biden in 2022. Last week, Larson and health leaders from across the House Democratic Caucus came together to introduce the Lower Drug Costs for American Families Act, a comprehensive plan to rein in pharmaceutical price gouging and cut prescription prices for all Americans, including by expanding Medicare price negotiation to private health insurance plans.