Pallone in a zone of drug cost reduction

PISCATAWAY – Lowering drug prices was once a bipartisan issue.

No longer.

The Inflation Reduction Act, passed in 2022 with the full support of Democrats, allowed Medicare, among other things, to negotiate drug prices.

This was also a goal of Republicans, but not in these polarizing times. Another problem was that the bill included climate protection initiatives that Republicans opposed.

More than two years have passed, and Democrats continue to tout the emerging benefits of the legislation.

That's exactly what Rep. Frank Pallone, whose 6th congressional district includes parts of Middlesex and Monmouth counties, did during a visit to a local senior center Monday morning.

Pallone was so excited that he talked about dancing. Somehow.

The 2022 legislation created a system in which a list of drugs is subject to price negotiations each year. The first drug to be covered was insulin, and its price has already been reduced to $35 a month for Medicare beneficiaries and also for many with private insurance.

One of the ten drugs currently being negotiated between Medicare and the pharmaceutical industry is Jardiance, a drug used to treat diabetes and other conditions.

Pallone was referring to a television commercial for the drug in which a group of people dance wildly.

Maybe for good reason.

Pallone noted that the current price of Jardiance is $573 for a 30-day supply, but through negotiations that price was reduced to $197. The new price for Jardiance and the other recently negotiated drugs will take effect in 2026.

Nothing happens overnight in government, but overall the goal is to systematically reduce the cost of many prescription drugs.

“This is a significant moment in our fight for lower prescription drug costs,” Pallone said. “I worked closely with President Biden to ensure Medicare drug price negotiations were included in the Inflation Reduction Act, and now millions of seniors in New Jersey and across the country will finally see the benefits. But we can't stop here – my legislation will ensure that everyone, regardless of their insurance, can benefit from lower drug prices.”

His bill would extend savings for Medicare recipients to those who have private insurance. Pallone acknowledged that his bill could not pass unless Democrats hold a majority in Congress and Kamala Harris wins the presidential election.

It is also true that some of this can be done without legislation.

Pallone noted that some pharmaceutical companies have already reduced the cost of insulin to $35 a month for everyone. That's because many private insurance companies only want to pay the price negotiated by Medicare.

Another benefit of the law is a cap on prescription amounts for seniors at $2,000 per month, which will take effect next year.

Pallone and his Democratic colleagues obviously want to make sure voters know what they are doing to reduce drug costs.

State Senator Robert Smith, who attended the event, looked ahead. He suspected that no one would sleep on November 5. And he urged voters:

“Do what’s right for yourself.”

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