Last year, I helped pass the Inflation Reduction Act (IRA) to help create jobs and lower the cost of prescription drugs, health insurance, broadband and energy costs.
I'm happy to report that in 2023 the 22,000 families who signed up for an Affordable Care Act marketplace plan in our district are saving an average of $1,260 on their health insurance thanks to the IRA.
Today, nearly 8,000 seniors on Medicare in the 8th Congressional District are now getting a month's supply of insulin for just $35, with no deductible to pay.
The IRA also authorizes the Secretary of the Department of Health and Human Services to negotiate prices directly with participating manufacturers for selected drugs that are costly, in high demand and without generic or biosimilar competition.
The first group of drugs selected for negotiation in 2023 were: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara and NovoLog. And this is just the first group, with more to come.
Millions of Medicare enrollees take one or more of these drugs to treat serious conditions such as blood clots, diabetes, cardiovascular disease, heart failure, autoimmune diseases and chronic kidney disease.
With the Inflation Reduction Act now the law of the land, we finally have the power to rein in Big Pharma's price gouging and reduce medical costs for seniors, working families and the federal government.
This is the action the American people have been waiting for. In 2023, this landmark legislation has been delivering for families and communities across NEPA and the nation, and it will continue to do so in 2024.