White Plains, New York – August 18th, 2022 – This week, President Joe Biden signed the Inflation Reduction Act, which includes three provisions that meaningfully address the problem of high drug prices in Medicare. One, for the first time, the Secretary of Health and Human Services will be able to negotiate drug prices with pharmaceutical companies using the weight of Medicare’s 64 million enrollees to get a fair price on those drugs that cost patients and taxpayers the most money. Two, prices of drugs in Medicare will no longer skyrocket each year because drug companies will face paying rebates if increases outpace inflation. Third, out-of-pocket drug costs for Medicare enrollees will be capped at $2000 a year, and $35/month for insulin.
The year PharmacyChecker opened its virtual doors, in 2003, to help people find the lowest prices on medications at safe online pharmacies, Congress passed a bill that simultaneously gave pharmacy benefits to Medicare enrollees but also banned Medicare from negotiating drug prices. For close to twenty years, PharmacyChecker.com users have included Medicare enrollees hitting gaps in coverage that left them scrambling for a way to afford essential medicines. Older Americans will no longer have to live in fear of paying many thousands of dollars in out-of-pocket drug costs each year due to the $2000 cap. Additionally, the threat of mandatory rebates for price gouging will provide Medicare patients with the sticker shock relief they deserve, with normal price increases each year.
“The Inflation Reduction Act is a major step forward on drug pricing reform in America,” stated Gabriel Levitt, PharmacyChecker president and co-founder. “While celebration is in order, the fight for lower drug prices will continue because the Inflation Reduction Act does not address drug prices outside of Medicare. PharmacyChecker’s work in online pharmacy verification and drug price information helps people save money and afford prescription drugs they would otherwise go without, and we will continue with our mission.”
“Over 200 million Americans who are privately insured plus the nearly 30 million still uninsured continue to face the world’s highest drug prices and the threat of drug price increases. Safe use of online pharmacies, including ones from Canada and abroad, where drug prices are much lower, and discount cards and coupons for the best savings at local U.S. pharmacies, will continue to serve as lifelines of affordability.”
About PharmacyChecker
PharmacyChecker, based in New York, is the only independent company that verifies the credentials of international mail order pharmacies, publishing a list of accredited online pharmacies and comparisons of their drug prices. For more information, visit www.pharmacychecker.com.
Press Contact: Lucia Mueller, Director of Communications | lucia.mueller@pharmacychecker.com
