Rebuild With Biden!
Biden has made solid/concrete progress in many ways.., His latest proposal should make the pharmaceutical companies stay on their toes and make their drug prices more reasonable to the consumers.Biden is acting out of fear of an electorate which must be given some kind of concrete progress to keep them voting to keep him and his allies in power.
Many are now getting their insulin much cheaper these days, thanks to Biden/admin.
New HHS Report Finds Major Savings for Americans Who Use Insulin Thanks to President Biden’s Inflation Reduction Act
$35 monthly insulin cap in historic law, which went into effect January 1 for Medicare Part D, would have saved 1.5 million people with Medicare an average of $500 dollars on their insulin in 2020
Today, the U.S. Department of Health and Human Services (HHS) issued a new report showing the major savings coming to people with Medicare thanks to the $35 cap on a month’s supply of insulin. The report shows that if the Inflation Reduction Act’s provision capping the cost of insulin at $35 for a month’s supply for Medicare beneficiaries had been in place in 2020, 1.5 million seniors across the country would have saved an average of $500 on insulin for the year. Through the Inflation Reduction Act – the most consequential health care law since the Affordable Care Act – President Biden is delivering on his promise to lower prescription drug costs, make health insurance more affordable, and make the economy work for working families.
The insulin provisions of this historic law went into effect January 1, 2023, for Medicare Part D. Starting July 1, 2023, under Medicare Part B, beneficiary cost sharing will be limited to $35 for a month’s supply of insulin. Researchers estimate that 1.5 million people with Medicare would have benefited from the new Inflation Reduction Act insulin cost-sharing limits if they had been in effect in 2020, with total savings to beneficiaries of about $734 million in Part D and $27 million in Part B – an average savings of approximately $500 for those Medicare beneficiaries.
“The Biden-Harris Administration is committed to lowering health care costs and increasing access to high-quality, affordable health care, and the Inflation Reduction Act is helping us do just that,” said HHS Secretary Xavier Becerra. “Thanks to this historic law, people who get their insulin through Medicare won’t have to pay more than $35 for a month’s supply. No one should have to skip or ration their insulin because they can’t afford it.”
"Dormant government power" no more
Ameet Sarpatwari, assistant director of the Program on Regulation, Therapeutics and Law at Harvard Medical School, said that while "march-in" sounds militant and like the government is stealing something, it's not the case at all.
"There is nothing that is being stolen. There is nothing that is being seized," he said. "This is the government exercising its rights on a voluntary agreement that a private company [or university] has entered into with the federal government by accepting funding for research."
The proposed framework clarifies that this existing authority can be used if a government-funded drug's price is too high, something the National Institutes of Health has declined to exercise for many years.
With the new proposal, it's no longer a dormant government power, Sarpatwari said.
Feds assert rights to march-in on drug patents over price : Shots - Health News : NPR
DECEMBER 7, 20231:54 PM ET