AMWA Executive Director, Dr. Eliza Chin attended a special White House event today with President Joe Biden, Vice President Kamala Harris, and other stakeholders on the impact of Inflation Reduction Act (IRA) on Medicare drug pricing. Earlier in the day, the Department of Health and Human Services announced the first ten drugs selected for Medicare drug price negotiation. These medications impact a range of chronic diseases, including cardiovascular disease, diabetes, blood clots, arthritis, and Crohn’s disease. In his remarks, President Biden also highlighted new regulations that would lower the price of insulin and cap overall Medicare prescription drug costs for seniors, additional provisions under the IRA. Read the statement from President Biden.
“This is a much-welcomed step toward achieving medication cost-savings for the patients who need it the most,” says Dr. Eliza Chin. “AWMA appreciates the opportunity to recognize and be recognized for our support of efforts that make healthcare more affordable for everyone.”
Medication Cost Savings to Seniors Is a Welcome Healthcare Enhancement
When implemented, prices on these 10 negotiated drugs will result in decreased cost for an estimated nine million seniors who currently face out-of-pocket costs of up to $6,497 per person per year to manage their health. According to the nonpartisan Congressional Budget Office (CBO), this bold step will save taxpayers $160 billion through cost savings for Medicare drug costs. Read more about the impact of the IRA on Medicare here.
President Biden recalled his own family’s struggles to pay medical bills and reiterated his promise to “have the back” of the American people by bringing down healthcare costs. He spoke with optimism about building “a future better than the past.”
Earlier in the day, AMWA leaders also attended a virtual briefing with Secretary of Health and Human Services Xavier Beccera, Senior Advisor and Director of the Whitehouse Office of Public Engagement Stephen Benjamin, Domestic Policy Advisor to the President Neera Tanden, Administrator for the Centers for Medicare and Medicaid Services Chiquita Brooks-LaSure, and Principal Deputy Assistant Secretary for Planning and Evaluation Rebecca Haffagee.