Breaking News: Biden Administration Takes Action to Lower Prescription Drug Costs

WASHINGTON, D.C.

In a significant move to reduce prescription drug expenses for senior citizens, the Biden administration has announced its decision to apply inflation penalties to 64 prescription medications later this year. This initiative, under the Inflation Reduction Act, is projected to save approximately 750,000 Medicare Part B beneficiaries up to $4,593 per day. This action is part of President Biden’s landmark program that empowers Medicare to negotiate drug prices, aiming to decrease costs for millions of seniors and families.

Right-Wing Groups Pushing Back

Following the Biden administration’s announcement, a coalition of conservative special interest groups has launched a campaign to pressure Congress into repealing the Inflation Reduction Act. These groups are advocating to maintain the status quo, where American seniors face some of the highest prescription drug prices globally. An analysis by government watchdog Accoutable.US reveals that these organizations have received nearly $1 million in funding from the Pharmaceutical Research and Manufacturers of America (PhRMA). PhRMA is actively opposing the administration’s efforts to allow Medicare to negotiate lower prices with drug manufacturers.

Read More of this Story at accountable.us – 2024-06-26 19:14:10

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