Changes in Rx prices are projected to save taxpayers $238 billion over the next ten years. I would have supported these changes, but my opponent, Rep. Jack Bergman, did not.
Changes being implemented by the Democrat-sponsored Inflation Reduction Act:
Insulin will now be available at a cost of $35 per month for each covered prescription.
Access to recommended adult vaccines will be provided without any additional costs.
Changes that are coming:
The low-income subsidy program under Medicare Part D will be extended to 150% of the federal poverty level starting in 2024.
There will be a yearly cap of $2,000 on out-of-pocket prescription drug costs in Medicare Part D, beginning in 2025.
Medicare Part D will now include drug price negotiations and limitations on the rate at which drug companies can increase prices, effective from 2026.
As expected, some drug manufacturers and others have filed lawsuits claiming these changes are unconstitutional and hinder innovation. Bergman agrees. I believe otherwise.
While profitability drives innovation, excessive profits are bad for the American consumer and hurt the economy as a whole.
Nearly 80% of the new drug pipeline comes from small companies that big pharma is acquiring, while the profits are being used for stock buybacks instead of fostering innovation.
We need a doctor in the House who prioritizes caring and healing over profits.