Larson, Becerra Highlight Work to Lower Prescription Drug Costs

Washington, D.C. - Yesterday, in the House Ways and Means Committee, Rep. John B. Larson (CT-01) questioned Secretary of Health and Human Services Xavier Becerra on the impact of Democrats’ efforts to lower prescription drug prices for seniors and how President Biden’s budget lays out a vision to support older Americans across the nation. 

You can view Rep. Larson's remarks here.

“President Biden’s budget is an incredible vision for supporting seniors in this country,” said Larson. “His budget also builds on the success the Democrats on this Committee have had in lowering prescription drug prices, and this is a big deal, not only for seniors in my District, but across the nation.” 

“What would you recommend that Congress do to build on our previous successes?” Larson asked. 

“Well, [the President said], ‘Rather than only allow us to negotiate to bring down the prices of 10 of the most costly drugs for Medicare recipients, let us do 30, 40, 50 of those drugs, why not save on all of them,’” Secretary Becerra responded. “He also said, ‘Why don’t we also make sure that if the drug companies are overcharging us, beyond the rate of inflation, that we get to pull some of that money back from Medicare.’ And then finally, what he said is ‘Hey, $35 a month insulin, pretty good, for 65 million people on Medicare, that is very good. But how about the rest of the 330 million Americans? Extend the $35 cap for insulin to every American in this country.’ That’s in this budget.” 

The Inflation Reduction Act, championed by Democrats in the last Congress, empowered Medicare to directly negotiate drug prices for consumers, capped insulin costs at $35/month for seniors on Medicare, allowing 2,200 Medicare recipients in Connecticut’s First District to save $560 per year on their insulin, and 19 million Americans on Medicare will save $7.4 billion annually when the law’s $2,000 out-of-pocket cap on prescription drugs goes into effect in 2025. Rep. Larson is a cosponsor of the Lowering Drug Costs for American Families Act to expand these cost savings to people on private health insurance and rein in pharmaceutical price gouging.