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WASHINGTON, D.C. – In its latest major action to lower prescription drug costs for seniors, the Biden administration today announced it will impose inflation penalties on 64 prescription medicines later this year under the Inflation Reduction Act – an effort that will save many of the 750,000 Medicare Part B patients who use these drugs as much as $4,593 per day. The new effort complements President Biden’s historic program granting Medicare authority under the Inflation Reduction Act to negotiate the price of prescription drugs and bring down costs for millions of seniors and families. 

The administration’s announcement comes on the heels of a major coalition of right-wing special interest groups who launched a campaign pressuring Congress to repeal the Inflation Reduction Act and force American seniors to keep paying by far the highest prescription drug prices in the world. A new analysis from government watchdog Accoutable.US found these right-wing organizations have banked nearly $1 million from Pharmaceutical Research And Manufacturers Of America (PhRMA) which is actively suing the administration to block Medicare from negotiating lower prices with drug manufacturers.

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The Biden Inflation Reduction Act is working to dramatically lower costs for seniors despite roadblocks at every turn from Big Pharma and its right-wing allies that care more about record profits than affordable medicine for those in need. Right-wing special interests and lawmakers in the pocket of the greed-driven pharmaceutical industry are only in it for themselves. Any vote in Congress to repeal this historic law is a vote to let big drug makers keep price-gouging seniors, including many who often choose between food and medicine.”

Accountable.US' Liz Zelnick

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