Congressman Al Green on the Biden-Harris Administration Delivering Lower Drug Costs for Americans

(Houston, TX) - Today, Congressman Al Green recognizes the second anniversary of the Inflation Reduction Act of 2022 (IRA). The IRA, which Congressman Green voted for, lowers prescription drug prices, invests in domestic energy production while promoting clean energy, and helps reduce the federal budget deficit. With this legislation, Democrats and the Biden-Harris Administration have enabled the Centers for Medicare & Medicaid Services (CMS) to negotiate lower prescription drug costs for Medicare beneficiaries. CMS has now negotiated prices for 10 major prescription medications - Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp.

The IRA has successfully decreased the average cost of healthcare coverage by $2,400 per family; placed a cap on insulin costs at $35 per month for seniors under Medicare; and limited out-of-pocket drug expenses for seniors to $2,000 per year. In the Ninth Congressional District of Texas, 29,000 Medicare beneficiaries will benefit from the IRA drug pricing reforms this year, with estimated total savings of $5.7 million. In 2024, these beneficiaries are projected to save an average of $196. By 2025, district-wide savings are projected to rise to $11 million, benefiting 33,000 Medicare beneficiaries.

Congressman Al Green stated, "Lower drug costs are crucial to ensuring that seniors, individuals with disabilities, and underserved communities can access affordable healthcare and life saving prescriptions. CMS's successful negotiation of lower prices for 10 commonly used medications that beneficiaries depend on, including insulin, is a vital step in reducing the financial burden of these medications. I look forward to future steps that will help ensure that everyone has the opportunity to lead healthier lives without facing undue economic barriers."