I wanted to share some good news about my efforts to help lower prescription drug prices and help Rhode Islanders live longer, healthier lives. Thanks to a law I helped pass, for the first time in history, Medicare has used its purchasing power to negotiate lower prices for 10 leading medications that are among the costliest and most used in its prescription drug program, Part D. Going forward, the federal program can use its new power to negotiate lower prices for more prescription drugs each year - saving taxpayers an estimated $6 billion in the first year and lowering costs for consumers for years to come. You can learn more about the negotiated drug prices HERE. This is an important step in the effort to reduce the cost of prescription drugs for all seniors. In Rhode Island, approximately 68,000 seniors will save an annual average of $340 on prescription drugs by 2025, according to the Congressional Joint Economic Committee. By February 1, 2025, 15 new drugs will be selected for the next round of negotiations. This comes on top of the other cost-saving provisions in the IRA that are already in effect, including a $35 per month cap on insulin copays and a $2,000 annual cap on out-of-pocket costs under Medicare Part D. To learn more about how you can take advantage of other cost saving measures included in the IRA, please visit my website at www.reed.senate.gov/IRA. |
| Jack Reed United States Senator
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