Kaine celebrates historic Medicare drug negotiations made possible by the Inflation Reduction Act

WASHINGTON, DC – Today, U.S. Senator Tim Kaine, a member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), released the following statement on Medicare's first drug negotiations after the Biden-Harris administration announced new negotiated prices for 10 drugs for patients covered by Medicare Part D. The negotiated prices – including discounts of up to 79% – will save America's seniors $1.5 billion and the federal budget $6 billion in the first year of implementation and were made possible by the Inflation Reduction Act (IRA), for which Kaine was a deciding vote. Kaine celebrated the news at a press conference in Henrico, where he was joined by Protect Our Care Virginia and Virginians who have benefited from the IRA.

Photos from today’s event can be found here.

“I am proud to be a decisive voice for the Inflation Reduction Act (IRA), Medicare was given the authority to negotiate drug prices for the first time,” said Kaine. “I promised the people of Virginia that I would fight for negotiated prices when I first ran for Senate, and this breakthrough will save America's seniors $1.5 billion and the federal budget $6 billion in the first year of implementation. And that's just the beginning – Medicare will negotiate prices on dozens more drugs in the years to come thanks to the IRA. I will continue to do everything in my power to ensure that the many provisions of this bill aimed at reducing health care costs are effectively implemented, and advocate for additional steps to reduce costs and expand access to care.”

The 10 drugs included in today's announcement are among those with the highest total spending in Medicare Part D. The new negotiated prices will take effect in 2026. In addition to the 10 drugs included in Medicare's first round of negotiations, dozens more drugs will be subject to Medicare price negotiations in the future. A fact sheet with the full timeline for implementation of negotiated rates and information on other health-related provisions of the IRA can be found here.

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