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President Biden Is Working To Lower Prescription Drug Costs for New York’s Seniors

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“No Thanks to GOP”

New data is showing exactly how President Biden and Democrats are working to lower the cost of health care and and prescription drugs. A report released today by the Department of Health and Human Services (HHS) shows how the Inflation Reduction Act — which every single Republican in Congress voted against — is lowering health care costs for the people of New York.

“The data speaks for itself: while Republicans sided with Big Pharma and voted against cutting the cost of prescription drugs, President Biden and Democrats delivered to put money back into seniors’ pockets,” said Chairman Jay S. Jacobs.

Last August, President Biden and Democrats passed the Inflation Reduction Act, which for the first time allows Medicare to negotiate lower prescription drug prices for seniors, caps the cost of insulin at $35 for seniors on Medicare, and makes recommended vaccines free for Medicare beneficiaries. The HHS report shows:

  • Seniors and people with disabilities in New York are likely to save an average of $49.57 per year because of the legislation’s provision that went into effect in January that allows Medicare beneficiaries to get recommended vaccines for free. 
  • The first set of Part B prescription drugs that will be subject to Medicare inflation rebates because they raised their prices faster than inflation, which will lower coinsurance for some Medicare beneficiaries beginning next month.

This new data comes after President Biden last week proposed capping the price of insulin at $35 per month for everyone – not just seniors – as part of his budget. Meanwhile, two of the three largest producers of insulin in the country – Eli Lilly and Novo Nordisk – announced they are following the president’s lead and lowering insulin costs for seniors in New York and across the country.

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