Durbin Touts Reduced Prescription Costs Made Possible By Democrats' Inflation Reduction Act

09.10.24

Durbin Touts Reduced Prescription Costs Made Possible By Democrats' Inflation Reduction Act

Durbin applauded the Biden-Harris Administration for its recent announcement that 10 of the most expensive and frequently-dispensed prescription drugs for seniors will see major costs reductions

WASHINGTON - U.S. Senate Majority Whip Dick Durbin (D-IL) today delivered a speech on the Senate floor highlighting the Biden-Harris Administration's announcement last month that Medicare has reduced the costs of 10 of the most expensive and frequently-dispensed prescription drugs for seniors. In his remarks today, Durbin spoke about his support for Democrats' Inflation Reduction Act, which provided the Biden-Harris Administration with the authority to negotiate the drug prices with Big Pharma, resulting in price reductions of up to 79 percent.

"When he was campaigning for president in 2016, Donald Trump made it clear where he stood on this… 'When it comes time to negotiate the cost of drugs, we are going to negotiate like crazy,' he said in 2016. Then he got elected. Then he said, 'fixing the injustice of high drug prices is one of the top Trump priorities. Prices will come down,' he said. But it never did. Despite years of talk, Trump failed," Durbin said. "Thankfully, President Biden and Vice President Harris did more than just talk. They delivered."

Prior to the implementation of the Inflation Reduction Act, Medicare was blocked from negotiating prescription drug pricing with pharmaceutical companies. Now, with its historic new authority, Medicare was able to negotiate prices down to save nine million seniors a total of $1.5 billion each year in co-pays and other out-of-pocket costs on ten medications.

"Last month, President Biden and Vice President Harris succeeded in negotiating with the pharmaceutical companies to lower prices for 10 of the most expensive drugs under Medicare. Some of the prices were lowered by up to 79 percent… For example, 142,000 seniors in Illinois take Xarelto or Eliquis as a blood thinner-costing Medicare nearly $25 billion last year. But thanks to the new law, Medicare was able to negotiate a price reduction of 60 percent-up to $3,840 off the annual price tag for seniors," Durbin said.

Durbin spoke about his recent meeting with Illinois-based pharmacists and their experience with patients struggling to pay for their medications.

"Last week, I met with pharmacists from the University of Illinois in Chicago. They shared with me how many patients are forced to ration doses between paychecks. That should not be the reality in our nation," Durbin said.

The Biden-Harris Administration will continue to use its new authority to negotiate lower prices for another 15 drugs next year and 20 more drugs in 2026. As Durbin noted in his remarks, the Inflation Reduction Act also capped the price of insulin at $35 per month, saving Illinois seniors roughly $500 a year, as well as making vaccines under Medicare free. Beginning in January, the legislation will also impose a $2,000 annual cap on out-of-pocket costs for seniors.

"But let me remind you… every single Republican Senator voted against these prescription drug savings," Durbin emphasized.

"While Big Pharma has raked in many billions and billions of dollars, they have also worked to block this law. They have Republican allies in Congress plotting how to repeal these historic price savings," Durbin said.

"How can the Republicans explain that? You've got seniors, many on fixed incomes, with expensive drugs they need to stay alive, and they can't afford them. We believe those prices ought to come down for those seniors," Durbin continued.

"When it comes to critical medications, no one should have to choose between their wallet and their life," Durbin concluded his remarks.

More than 280,000 Medicare enrollees in Illinois take one of these prescription drugs selected for negotiation, including 142,000 seniors in Illinois who take a covered blood thinner that will see a price reduction of up to $3,840 per year. Because of the Inflation Reduction Act, 449,000 Medicare Part D enrollees in Illinois are expected to see a collective $120 million in savings from a new cap on out-of-pocket costs. The legislation will also cap costs for covered insulin at $35 per month for people with Medicare, make recommended vaccines available at no costs for 1.4 million seniors in Illinois, and require drug companies to pay a rebate to Medicare if they raise prices faster than the rate of inflation.

The 10 drugs that the Biden-Harris Administration negotiated down the price of include:

• Januvia - diabetes medication, cost lowered by 79 percent;
• Enbrel - arthritis/psoriasis medication, cost lowered by 67 percent;
• Xarelto - blood thinner medication, cost lowered by 62 percent;
• Entresto - heart medication, cost lowered by 53 percent;
• Fiasp, Fiasp FlexTouch, Fiasp PenFill, NovoLog, NovoLog FlexPen, NovoLog Pen-Fill - diabetes medications, cost lowered by 76 percent;
• Jardiance - diabetes/heart/kidney medication, cost lowered by 66 percent;
• Eliquis - blood thinner medication, cost lowered by 56 percent;
• Imbruvica - cancer medication, cost lowered by 38 percent;
• Farxiga - diabetes/heart/kidney medication, cost lowered by 68 percent; and
• Stelara - arthritis/psoriasis medication, cost lowered by 66 percent.

Video of Durbin's remarks on the floor is available here.

Audio of Durbin's remarks on the floor is available here.

Footage of Durbin's remarks on the floor is available here for TV Stations.

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