PALLONE APPLAUDS BIDEN ADMINISTRATION'S ANNOUNCEMENT ON MEDICARE DRUG PRICE NEGOTIATION

Press Release

"This is a historic day for health care in America. For the first time in the Medicare program, we are going to negotiate the price of prescription drugs for America's seniors.

Other nations around the world negotiate prescription drug prices and it is only fair that we do the same. Today's announcement begins the process of Medicare negotiating lower prices on these ten drugs and making them more affordable for America's seniors. It marks the end of a 20-year handout from Republicans in Congress to the pharmaceutical industry that prevented Medicare from negotiating prescription drug prices for seniors.

This announcement is part of Democrats' ongoing effort to lower prescription drug prices and cap seniors' Medicare Part D out-of-pocket spending. Seniors are already benefiting from the Inflation Reduction Act's monthly $35 cap on insulin and penalties to pharmaceutical companies for raising prices faster than inflation. Democrats are committed to reining in the excesses of the pharmaceutical industry and lowering prescription drug prices for the American people, and today's announcement is a major step in that effort."

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