Biden administration today announces 10 drugs subject to price negotiations
LANSING, Mich. – As the federal government makes good on its promise to lower the cost of prescription drugs for seniors enrolled in Medicare, a coalition of nonpartisan groups are calling on Michigan lawmakers to give that same chance to patients of every age across the Great Lakes State.
The Biden administration on Tuesday announced a list of 10 expensive medications that treat diabetes, heart failure and other serious health problems that will now face price negotiations with Medicare through the Inflation Reduction Act. The program will eventually add more prescription drugs and is expected to save $98.5 billion over 10 years.
“As we call for all Michiganders to have access to affordable medications, we’re thrilled for this important step by the Biden administration to make some high-priced prescription drugs more affordable for seniors across the county,” said Hugh Madden, Executive Director of Prosperity Michigan. “Families and individuals of all ages should not be forced to pick between buying their prescription medications or paying their bills.”
“It’s high time the pharmaceutical industry is held accountable and reins in its exorbitant pricing,” said Dr. Rob Davidson, West Michigan physician and Executive Director of the Committee to Protect Health Care. “For too long, drug companies and their deep pockets and lobbying power called the shots at the expense of patients. There is an increasing awareness of the unfair advantage held by Big Pharma, and we must build on this momentum to achieve the best results for Michiganders.”