U.S. Sen. Baldwin: Celebrates lower prescription drug prices for seniors under Inflation Reduction Act

WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) applauded the announcement of lower drug prices for Wisconsin seniors thanks to the Inflation Reduction Act. The Baldwin-backed Inflation Reduction Act empowered Medicare to negotiate lower prescription drugs prices for the first time ever and, today, the Biden administration announced the price cuts for the first 10 drugs under those negotiations. Medicare’s ability to negotiate prescription drug costs will cut some monthly prices by nearly 80% and more than $9,000, saving American taxpayers an expected $6 billion and people enrolled in Medicare $1.5 billion in out-of-pocket costs in 2026 alone. Over 150,000 Wisconsinites are currently taking one or more of the 10 drugs, some of the most widely used and costly medicines.

“This is what taking on big drug companies and cutting costs for Wisconsinites looks like,” said Senator Baldwin. “In every corner of our state, I hear from folks who are making tremendous sacrifices – from turning down the heat in the winter to cut energy costs to rationing their dosages – just in order to afford the medication they need to live. It’s wrong and Wisconsinites deserve better. That’s why I voted for the Inflation Reduction Act – to provide some real relief for Wisconsin families and hold big drug companies accountable for prioritizing profits over people.”

Last August, the U.S. Department of Health and Human Services announced the first ten drugs selected for Medicare drug price negotiation.  Below are the results of the drug negotiation:

The Inflation Reduction Act also capped the cost of insulin for Medicare Part D beneficiaries at $35 a month for certain covered insulin products and will limit Medicare beneficiaries’ out-of-pocket costs to $2,000 per year beginning in 2025.