***WATCH: Senator Murray delivers floor remarks on Inflation Reduction Act***
(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), issued the following statement on the Inflation Reduction Act’s historic provisions that will lower Americans’ prescription drug costs, empower Medicare to negotiate drug prices, and cap seniors’ out-of-pocket costs for prescriptions at $2000 a year and their insulin at $35 a month.
“Democrats are taking historic steps to lower the cost of prescription drugs—because no one should have to walk up to the pharmacy worrying about which meal they’ll skip to afford their kid’s health care or the medication they depend on. I’ve heard from so many people in Washington state who’ve been forced to make unthinkable tradeoffs as giant pharmaceutical companies jack up prices on their prescriptions year after year—squeezing families’ budgets just to make a quick buck. The skyrocketing cost of prescription drugs has been putting patients’ health at risk and bankrupting families—and people have simply had enough.
“The Inflation Reduction Act will dramatically lower Americans’ prescription drug costs, delivering real relief for millions of patients in Washington state and across our country. I’ve been fighting for years to finally give Medicare the power it needs to force drug companies to the bargaining table to negotiate lower drug prices—and I’m incredibly proud Democrats are getting this done. The bill will cap seniors’ yearly out-of-pocket drug costs, cap their insulin costs at $35 a month, and protect them from price hikes on their prescriptions.
“This is huge, and after so many years fighting, I’m proud Democrats’ legislation will lift stress off patients’ shoulders and help them get the prescriptions they need. Because the simple fact is lifesaving drugs don’t do any good if you can’t afford them.”
The Inflation Reduction Act will finally allow Medicare to negotiate lower prescription drug costs—something Senator Murray has been fighting to do for years—bringing down costs for patients and generating enormous savings for taxpayers. It will cap Medicare beneficiaries’ out-of-pocket prescription drugs costs at $2,000 a year, cap their insulin costs at $35 a month, and cap price increases on their prescriptions at the rate of inflation so that drug makers cannot jack up prices to juice their own profits—helping Washington state’s more than 1.4 million seniors and people with disabilities who rely on Medicare.