King Welcomes First Results of Drug Price Negotiations

WASHINGTON, D.C. - U.S. Senator Angus King (I-ME) today celebrated the White House completing the first round of Medicare negotiations to lower the price of 10 prescription drugs, which will lower out of pocket costs for Medicare beneficiaries on eligible drugs and save Medicare - and American taxpayers - billions. The announcement comes nearly two years after the Inflation Reduction Act, which King supported, was signed into law. In addition to the negotiation provisions, the bill also included a cap on the coats in insulin and a $2,000 cap on out-of-pocket drug costs for adults on Medicare. Tens of thousands of Maine Medicare enrollees currently take the 10 drugs included in the negotiations, paying annual out-of-pocket costs up to nearly $5,000 in 2022.

"Today's announcement from the White House is welcome news which has been a long time coming. One of the first bills I ever cosponsored in the Senate was the Medicare Prescription Drug Price Negotiation Actand thanks to theInflation Reduction Act, this vision has finally become a reality," saidSenator King. "For many older Maine people on a fixed income, affording lifesaving drugs can be a tremendous financial strain - sometimes forcing folks to choose between their health or putting good on the table. With 30% of Maine people enrolled in Medicare, this is a game-changing step forward toward ensuring our seniors have better access to prescription medications while also reducing the heavy financial burden of high out-of-pocket costs. The savings from these new lower prices will also be a huge boost to the financial strength of Medicare itself, helping to insure its long-term viability. This is a real victory for people across Maine and the nation, and I look forward to working with my Congressional colleagues to advance additional common sense ways to deliver better healthcare at lower costs.

Senator King has consistently worked to reduce healthcare costs for Maine people. The Inflation Reduction Act has laid the groundwork for - and in some cases already implemented - long-term changes in federal policy that will keep people healthier and deliver higher quality care at a lower cost to patients and Medicare. These benefits are delivered while simultaneously reducing the deficit by finally allowing Medicare to do what any other large customer in America can do in a free market - negotiate bulk discounts. This will save taxpayers hundreds-of-billions from the Medicare budget. Last spring, Senator King introduced legislation to fast track drug pricing negotiations and continue to lower drug costs for older Maine people. He also has joined colleagues in calling on the Biden Administration to authorize cheaper, generic drugs.

Download the Medicare drug negotiation fact sheet here and a breakdown of the impact in Maine here.

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