Larson Highlights Lower RX Costs in Ways and Means Hearing
Washington, D.C. - During today’s Ways and Means Committee hearing on President Biden’s Fiscal Year 2024 budget proposal, Rep. John B. Larson (CT-01) asked Secretary of Health and Human Services Xavier Becerra to elaborate on the administration's efforts to implement the Inflation Reduction Act’s (IRA) provisions to lower Americans’ prescription drug costs.
“Mr. Secretary, last year, we passed the Inflation Reduction Act, and as you heard Ranking Member Neal run through a number of the things that were accomplished, including significantly lowering drug costs for seniors. As a longtime advocate to lower drug prices through Medicare negotiation, we were pleased to see that the President’s budget calls on Congress to build on what we did in the IRA, which keeps money in senior’s pockets while also making Medicare more solvent,” said Larson.
Larson asked, “Can you walk us through your agency’s progress implementing the drug cost provisions in the Inflation Reduction Act and tell us when each provision will continue to deliver for the American public?”
“Well, today, those who are in need of insulin are getting it for $35 a month or less, and that’s something that’s saving most Americans several hundred dollars for this year alone,” said Secretary Becerra. “Those same Americans on Medicare now can access a vaccine whether for the flu, for COVID, for shingles, and I always hear about shingles because apparently that’s a pretty expensive vaccine, $100, $200- free now. No out-of-pocket costs for folks on Medicare to access that. That’s saving people quite a bit of money.
“On top of that, we made the announcement that, come September, we will announce the first 10 drugs that will be part of that drug price negotiation that will begin. The companies that manufacture those drugs will go through the process then of negotiating for the best price for folks on Medicare. And we hope to continue that process because at the end of the day, this is about saving people money. Right now, Americans, as you know, are paying 2 or 3 times more for the same drugs that are being sold in other countries, even if those drugs may have been manufactured in the U.S.,” Secretary Becerra concluded.
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