Medicare negotiates historic drug price cuts
Breaking News: Inflation Reduction Act Brings Relief to Americans with High-Cost Medications
For eight years, Jackie Trap has taken two daily medications to manage her incurable blood cancer. However, the high out-of-pocket cost of these medications has been a significant burden on her and her family. In a single year, she says she has had to pay as much as $22,000. The sacrifices she and her family have made to afford these medications are nothing short of drastic. They have had to refinance their house, sell two vehicles, and even sell their furnishings.
But all of that is about to change thanks to the Inflation Reduction Act, which is now in effect. The act has already resulted in significant price reductions for some medications. For example, a 30-day supply of Zerto, a medication used to prevent blood clots, has seen its list price drop from $517 to $197. Additionally, the out-of-pocket drug copay has been capped at roughly $3,300 per year, with an even lower cap of $2,000 expected next year.
Big Win for Americans with High-Cost Medications
President Biden and Vice President Harris have hailed the passage of the Inflation Reduction Act as a "big win" for Americans like Jackie Trap. The act is expected to bring much-needed relief to those struggling to afford their medications. For the first time, Medicare will be authorized to negotiate price cuts of 40 to 80% with pharmaceutical companies on 10 key drugs, including Zerto, Genovia, Jardians, Alois, and Tresto.
Medicare Cuts to Have Ripple Effect
The cuts to medication prices are expected to have a ripple effect across the healthcare system. Many Americans have had to choose between putting food on the table and taking their medications. This is not an acceptable situation, and the Inflation Reduction Act is a step towards fixing it. The pharmaceutical industry has sued to block the law, but it is unclear if they will be successful.
What About Those with Private Insurance?
While the cuts to medication prices will only affect those on Medicare, it is possible that these changes could have a ripple effect on those with private insurance plans. Insurance companies often pressure drug companies to meet cheaper Medicare pricing, so it is possible that we could see similar price reductions in the future.
A Step Towards Affordable Healthcare
The Inflation Reduction Act is a significant step towards making healthcare more affordable for Americans. With the number of people struggling to afford their medications on the rise, this law could not have come at a more critical time. As we continue to watch the impact of this law unfold, it is clear that it will have a lasting impact on the healthcare system and the lives of millions of Americans.
