PRESCRIPTION JUSTICE STATEMENT OF SUPPORT OF INFLATION REDUCTION ACT
Brooklyn, NY, August 17, 2022 -- The Inflation Reduction Act was signed into law by President Joe Biden on Tuesday, August 16, 2022. It will substantially reduce drug prices and out-of-pocket spending in Medicare through price negotiation of those drugs with the highest expenditures; mandatory rebate rules to prevent drug companies from increasing drug prices above the consumer price index; and capping out-of-pocket drug costs for Medicare enrollees to $2000.
Prescription Justice founder and board chair, Gabriel Levitt, stated:
“Our organization’s one mission is to end the crisis of high drug prices in America. The Inflation Reduction Act is meaningful legislation to help alleviate the crisis. We were honored to be part of the community of organizations that tirelessly worked to achieve this goal.”
“Most importantly, because of the new law, Medicare enrollees, our oldest citizens with the greatest prescription drug needs will not have to live in fear any longer of facing exorbitant drug costs when they get sick. Additionally, because we can use the power of Medicare’s 64 million people to negotiate drug prices, we taxpayers will not get ripped off by Big Pharma to the extent we have over the past decades.”
“Yet our work is not even close to over. The Inflation Reduction Act does not affect drug prices in the private sector marketplace, meaning about 200 million Americans with private health insurance or no insurance. Top brand-name drug prices for much of America will remain almost four times higher than in other rich countries. As I see it, Americans won’t have prescription justice until their drug prices are the same as in other high-income countries. That’s our goal.”
About Prescription Justice
Prescription Justice, a 501c4 nonprofit organization, is dedicated to ending the crisis of high drug prices in America. Bringing together doctors, lawyers, public health and consumer advocates, and concerned citizens from across party lines, Prescription Justice advocates for serious regulatory and legislative reforms that will substantially lower the cost of prescription drugs for all Americans and expand access to lower-cost medication from abroad. Learn more at: https://prescriptionjustice.org/.
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