Durbin Highlights Lower Drug Pricing Under Medicare For Illinoisans

Durbin Highlights Lower Drug Pricing Under Medicare For Illinoisans

CHICAGO - Today, U.S. Senate Majority Whip Dick Durbin (D-IL) joined health care professionals at the University of Illinois-Chicago College of Pharmacy to highlight last month's announcement from the Biden-Harris Administration on the savings produced by the Inflation Reduction Act's (IRA) initial round of price negotiations for 10 of the costliest medications under Medicare.

This negotiation secured price reductions of up to 79 percent, which will save nine million seniors nationwide an estimated total of $1.5 billion in annual out-of-pocket costs, and save the Medicare program approximately $6 billion. More than 280,000 Medicare enrollees in Illinois take one of these 10 drugs.

"For patients already facing a gut-wrenching diagnosis, the last thing they should have to worry about is whether they can afford the treatment to save their life," said Durbin. "For decades, Medicare had been blocked from bargaining with Big Pharma to lower prices for seniors, but we changed that in the Inflation Reduction Act. As a result of this negotiation, nine million seniors will save a total of $1.5 billion in annual out-of-pocket costs, including nearly 300,000 seniors in Illinois who take one of these ten drugs. This will mean real savings for patients all across Illinois."

Durbin worked to pass the Inflation Reduction Act to make life-saving medication more affordable for Illinoisans. Since it was signed into law in 2022, the IRA has capped insulin at $35 per month, saving 50,000 seniors in Illinois approximately $500 a year and made vaccines under Medicare free. In January, a $2,000 cap on annual out-of-pocket costs for seniors will take effect, ensuring patients can access the medications they need. The IRA passed without a single Republican vote.

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