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President Biden is set to announce today that dozens of pharmaceutical companies will be required to pay rebates to Medicare for unjustifiable price hikes on prescription drugs — lowering costs for beneficiaries who take certain medicines by as much as $2,786 per dose under the Inflation Reduction Act. The White House found that in the last quarter of 2023, prices for 48 Medicare Part B drugs increased faster than inflation, while “some drug companies raised prices of certain medications faster than inflation for every quarter over the last year.” The administration’s findings are consistent with Accountable.US’ research which has documented gross price-gouging by the pharmaceutical industry on life-saving medicines as they report billion-dollar profits. Meanwhile, dozens of Republicans in Congress that have enjoyed millions of dollars in donations from Big Pharma have signed onto legislation to repeal the Inflation Reduction Act’s measures Biden signed into law last year to lower costs for Medicare Rx drug beneficiaries, including the rebate requirement.

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The historic Biden Inflation Reduction Act is working to lower drug costs for struggling seniors, including clawing back money from greedy drug company CEOs that chose to price-gouge despite posting billion-dollar profits. While there’s no good reason for highly profitable pharma companies to charge prices far beyond inflation on life-saving medicines, many Republicans in Congress gladly make excuses for it after taking millions from drug industry lobbyists. While the administration is focused on lowering costs, Republicans want to go backward and again leave Medicare and seniors to the mercy of price-gouging drug companies."

Accountable.US' Liz Zelnick

WHAT SENIORS NEED TO KNOW:

  • Accountable.US found the Pharmaceutical Drug Makers Impacted by Biden Medicare Rx Drug Negotiation Effort Boasted of $38.7B in Profits in 2022.
  • While Big Pharma spent $400 million lobbying last year alone, an Accountable.US review found PhRMA spent nearly $70 million lobbying against efforts to allow Medicare to negotiate the prices of prescription drugs and other measures to lower drug prices in the years leading up to the passage of the Inflation Reduction Act.
  • Pharma Giant AstraZeneca Suing Against Biden Medicare Rx Cost-Saving Effort Enjoyed $1.37 Billion in Profits in Q3, Accountable.US found.
  • Drug Company Bristol Myers Squibb Suing to Stop Biden Medicare Rx Cost Saving Effort Enjoyed $1.9 Billion in Profits in Q3, Accountable.US found.
  • A recent national survey commissioned by Accountable.US found Americans overwhelmingly believe cracking down on price gouging by banning junk fees will lower their costs.
  • Big Pharma-Connected Groups Behind Stunt Letter to Congress Against Biden Law Lowering Seniors’ Drug Costs.
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