Schumer Announces Medicare to Lower Prices on 10 Common Prescription Drugs

New York Senator Chuck Schumer announced on Thursday that a provision in the Inflation Reduction Act has led to a reduction in price on 10 of Medicare’s highest-spend drugs.

Some of the drugs that fell in price are used to treat conditions like blood clots, heart disease, diabetes, Crohn’s Disease, blood cancers, and even heart failure. The new prices will go into effect by 2026, thanks to a provision in the Inflation Reduction Act that lets the federal government directly negotiate the price of drugs with the pharmaceutical companies that sell them.

“New Yorkers wanted fair negotiations with Big Pharma, and because of the Inflation Reduction Act, they got it,” said Schumer. “This means money back in the pockets of the more than 660,000 New Yorkers who take them – putting patients and NY seniors ahead of Big Pharma profits.”

Generic versions of these potentially life-saving medications are usually withheld by their respective pharmaceutical companies, keeping the prices high whilst enacting a monopoly on the drug. The new negotiation program for Medicare was designed specifically to counteract this problem. Schumer also stated that this provision will work in unison with other affordability options, such as the cap on out-of-pocket drug costs and insulin, as well as free vaccines for senior citizens.