Lowering Prescription Drug Costs: Progress Made by Rep. Abigail Spanberger
In recent years, the rising cost of prescription drugs has been a major concern for seniors in Virginia. Rep. Abigail Spanberger has made it her mission to address this issue and work towards lowering prescription drug prices. She has been successful in delivering on this commitment by voting to pass the Inflation Reduction Act, which was signed into law in August 2022.
Since the implementation of the Inflation Reduction Act, many Virginia families and seniors have experienced a significant reduction in their healthcare costs. One of the key provisions of the law is the cap on the cost of insulin at $35 per month under both Medicare Part D and Part B. This has brought relief to many seniors, like Lawrence from Caroline County, who now pays nearly three times less for insulin. The law has also prompted drugmakers to cap the monthly out-of-pocket cost of insulin at $35, leading to more affordable access for all.
The Inflation Reduction Act not only addresses the affordability of insulin but also tackles the issue of skyrocketing drug prices. It puts an end to pharmaceutical companies’ monopoly control over the prices of some of the most expensive drugs covered by Medicare. The law imposes penalties on transnational pharmaceutical companies that raise their prices above the rate of inflation, protecting against reckless price gouging. These penalties take the form of rebates paid back to Medicare, ensuring that drug prices remain reasonable and fair.
According to AARP, the prices of many Medicare brand-name drugs have far outpaced the rate of inflation, putting a financial burden on seniors who rely on these medications. Through the Inflation Reduction Act, Medicare now has the power to negotiate with drug manufacturers to lower the cost of these expensive medications. This is a significant step forward, as Medicare was previously prohibited by law from negotiating drug costs, unlike the Department of Veterans Affairs and private insurance companies.
The law also provides additional benefits to seniors, such as making recommended vaccines available at no cost and preventing healthcare premium hikes for Virginia families. It further ensures that Medicare beneficiaries will not have to pay more than $2,000 in out-of-pocket drug costs.
Rep. Spanberger is proud of the positive impact the Inflation Reduction Act has had on the lives of Virginians. Testimonials from constituents like John from Spotsylvania County demonstrate the relief and gratitude felt by those who have benefited from this legislation. Rep. Spanberger acknowledges that there is still work to be done to guarantee affordable access to insulin for all Virginians and to continue the progress made in lowering prescription drug costs.
In conclusion, Rep. Abigail Spanberger’s efforts to lower prescription drug costs through the Inflation Reduction Act have brought relief to many Virginia families and seniors. The law’s provisions, such as capping the cost of insulin and allowing Medicare to negotiate drug prices, have had a positive impact on affordability and accessibility. However, there is a need to build upon this progress to ensure that all Virginians have guaranteed access to affordable medications. Rep. Spanberger remains committed to addressing this issue and working towards a healthcare system that prioritizes the well-being of all Americans.
Original Story at richmond.com – 2023-08-26 11:15:00