Today, as the Biden-Harris administration takes historic action to make drugs treating cancer, diabetes, heart disease, and blood clots more affordable thanks to the Inflation Reduction Act, DNC National Press Secretary ⁨Emilia Rowland⁩ released the following statement:

“Millions of seniors and others on Medicare will soon see a decrease in the cost of many of the most common and expensive prescription medications for heart disease, cancer, diabetes, blood clots, and more. This was made possible by the Biden-Harris administration’s historic Inflation Reduction Act, which was signed into law two years ago this week. As a result, countless seniors across America will no longer have to choose between paying for their medication and keeping up with the bills. While Donald Trump, JD Vance, and MAGA Republicans cozy up to greedy Big Pharma execs, the Biden-Harris administration took on Big Pharma and won — and as president, Vice President Harris will work to ensure every American can retire with dignity, protect Medicare and Social Security against MAGA attacks, and make health care affordable and accessible for all.”

NEW: Thanks to the Biden-Harris administration and the Inflation Reduction Act, medications for treating cancer, diabetes, heart disease, and blood clots will become much more affordable for millions of seniors. 

White House Fact Sheet: “President Biden and Vice President Harris took on Big Pharma and won, and now millions of seniors and others on Medicare will soon see their drug costs go down on some of the most common and expensive prescription drugs that treat heart disease, cancer, diabetes, blood clots, and more.

“[The United States Department of Health and Human Services] has reached agreements with all participating manufacturers on new negotiated, lower drug prices for the first 10 drugs selected for the Medicare drug price negotiation program. After manufacturers have steadily increased the list prices of all 10 of these drugs since they went on the market, these new prices will cut the list price of these drugs between 38 and 79 percent.”

CNN: “Biden admin announces results of historic Medicare drug price negotiations that will save $6B”

“Medicare’s new power to negotiate drug prices will lead to an estimated $6 billion in savings for the federal government and a $1.5 billion reduction in out-of-pocket costs for seniors when the lower prices take effect in 2026, the Biden administration announced Thursday.

[…]

“‘It’s a relief for the millions of seniors that take these drugs to treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease, and more – and it’s a relief for American taxpayers,’ Biden said in a statement.”

NBC: “The Biden administration said Thursday that it had reached an agreement with drugmakers to lower prices on the 10 costliest prescription drugs under Medicare. It’s part of the federal government’s first-ever drug pricing negotiations, a cost reduction it claims could help ease the financial burden on the estimated 1 in 7 older adults in the U.S. struggling to pay for their medications.”

President Biden’s Inflation Reduction Act requires pharmaceutical companies to rebate Medicare for price hikes that exceed inflation, caps seniors’ out-of-pocket costs for insulin at $35 per month, and makes adult vaccines available to Medicare enrollees at no cost. 

NBC News: “Major drug companies including Johnson & Johnson, Merck and Bristol Myers Squibb have committed to participate in Medicare drug price negotiations with the federal government, the Biden administration said Tuesday. … The Centers for Medicare and Medicaid Services named the first 10 prescription drugs subject to price negotiations under the Inflation Reduction Act a little over a month ago.”

Axios: “The Biden administration is set to announce the first batch of prescription drugs that will be subject to new price negotiations with Medicare, kicking off formal discussions with drugmakers who are fiercely challenging the effort.”

Kaiser Family Foundation: “The Inflation Reduction Act requires drug manufacturers to pay a rebate to the federal government if prices for single-source drugs and biologicals covered under Medicare Part B and nearly all covered drugs under Part D increase faster than the rate of inflation (CPI-U).”

Kaiser Family Foundation: “The Inflation Reduction Act limits monthly cost sharing for insulin products to no more than $35 for Medicare beneficiaries.”

CNN: “Medicare enrollees can now get additional vaccines at no cost, thanks to the Inflation Reduction Act. Before this year, vaccines for Covid-19, the flu, pneumonia and hepatitis B, for higher risk patients, were covered by Medicare Part B with no cost sharing. Now, all adult vaccines covered by Medicare Part D that are recommended by a federal advisory committee on immunization are available to enrollees at no cost.” 

Health.com: “[The Inflation Reduction Act] caps Medicare beneficiaries’ out-of-pocket spending under the Medicare Part D benefit, first by eliminating coinsurance above the catastrophic threshold in 2024 and then by adding a $2,000 cap on spending in 2025.” 

Trump has opened the door to cutting Social Security and Medicare if reelected, after proposing cuts to Social Security in his budget every year he was president.

Joe Kernen, CNBC: “Have you changed your outlook on how to handle entitlements, Social Security, Medicare, Medicaid?”

Trump: “So first of all, there is a lot you can do in terms of entitlements, in terms of cutting.”

Vox: “Trump just opened the door to Social Security cuts. Take him seriously.”

Forbes: “Trump Floats ‘Cutting’ Spending On Entitlements Like Social Security And Medicare”

Rolling Stone: “Trump Floats Cuts to Social Security and Medicare”

CNN: “Trump now says he’s open to entitlement cuts, including Medicare”

“The administration’s fiscal 2020 budget proposed cuts to Medicare and Social Security.”

CNN: “Former President Donald Trump once backed raising the retirement age to 70 and called for privatizing Social Security which he called a ‘Ponzi scheme’

“‘We can also raise the age for receipt of full Social Security benefits to seventy,’ he wrote.”

Mediaite: “During a Fox News town hall, President Donald Trump promised to cut entitlements like Medicare and Social Security if he were to win a second term. … ‘But if you don’t cut something in entitlements, you will never really deal with the debt,’ town hall co-moderator Martha MacCallum interjected, alluding to social safety programs like Medicare, Medicaid, and Social Security. ‘Oh, we’ll be cutting,’ Trump rushed to confirm.”

Washington Post: “His avowed stance, however, is at odds with Trump’s own record as president: Each of his White House budget proposals included cuts to Social Security and Medicare programs.”

Vox: “Trump said he wouldn’t cut Medicaid, Social Security, and Medicare. His 2020 budget cuts all 3.”

Trump’s FY18, FY19, FY20, and FY21 budgets each proposed billions of dollars in cuts to Social Security programs.

A House Republican Study Committee Budget Plan earlier this year included proposals to drastically cut Medicaid and Medicare funding, directly affecting millions of seniors’ access to health care benefits INCLUDING life-saving prescription drugs. 

Fox Business: “The House Republican Budget Chair once again called for cuts to Social Security, Medicare, Medicaid, and the ACA, saying it is “inevitable” that they will be on his chopping block.”

Georgetown University McCourt School of Public Policy: “Latest House Republican Study Committee Budget Plan Again Includes Draconian Medicaid Cuts”

Protect Our Care Fact Sheet: “Republicans Propose Budget That Will Raise Health Care Costs and Rip Coverage Away from Millions of Americans”

White House Fact Sheet: “On Wednesday, the Republican Study Committee – which represents 100% of House Republican leadership and nearly 80% of their members – just proposed yet another budget that would cut Medicare, Social Security, and the Affordable Care Act, as well as increase prescription drug, energy, and housing costs – all while forcing tax giveaways for the very rich onto the country. Their plan would even raise the Social Security retirement age.”

White House Fact Sheet: “The Republican Budget would side with Big Pharma to increase drug prices and seniors’ out-of-pocket costs by repealing the Inflation Reduction Act.

“Medicare would no longer be able to negotiate lower drug prices. Big Pharma would once again be allowed to set whatever price they want, leaving seniors and taxpayers on the hook and facing higher prices.

“Big Pharma would no longer pay Medicare back when they increase drug prices faster than inflation, allowing them to jack up prices with no accountability.

“Seniors would go back to paying up to $400 for insulin, instead of the $35 price cap per monthly insulin prescription they have today.”