Lowering drug prices for all Americans

For more than two decades, Democrats have fought for justice in a health care system rigged to the detriment of the American people and in favor of big drug companies. I was on the front lines, working tirelessly to give Medicare the ability to negotiate lower prescription drug prices—a common sense solution that Republicans have consistently blocked. While big drug companies raked in billions, families struggled to afford their medicines.

But this year, we can finally turn the tide, thanks to the Inflation Reduction Act. As one of the architects of the Inflation Reduction Act, I made sure Medicare drug negotiations were at the center of this historic legislation. Standing alongside President Biden as he signed the bill was a pivotal moment. For the first time in history, Medicare can negotiate drug prices, benefiting more than 1.3 million New Jersey enrollees and saving an estimated $101 million in the first year alone. Nationally, it will lower prices on some of the most expensive Medicare drugs, saving seniors $1.5 billion in the first year alone.

We've already seen the impact that lower drug prices can have. After Democrats capped insulin costs at $35 for Medicare beneficiaries, major drugmakers like Eli Lilly, Novo Nordisk, and Sanofi responded by offering the same low prices to many Americans, including those with private health insurance or no insurance at all. This proves that with the right pressure, we can force real, tangible changes that improve lives. Recent Medicare drug pricing negotiations will continue this trend, saving beneficiaries billions in out-of-pocket costs in the years to come for essential drugs used to treat diseases like diabetes, heart disease, arthritis, and blood cancers, with price cuts ranging from 79% for Januvia to 38% for Imbruvica.