WASHINGTON, D.C. — The following statement was issued by David Mitchell, a cancer patient and founder of Patients For Affordable Drugs Now, following the Senate passage of the Inflation Reduction Act:
“The Senate made history today with passage of the Inflation Reduction Act, which will lower prescription drug prices, improve health, fight inflation, and help Americans keep money in their pockets. The provisions help ensure patients will get the innovative new drugs we need at prices we can afford.
“This legislation – decades in the making – will, for the first time, authorize Medicare to negotiate prices directly for some of the costliest prescription medicines; institute a cap on out-of-pocket drug costs for Medicare beneficiaries; and limit annual price increases in Medicare to stop price gouging by drug corporations. CBO estimates savings of almost $300 billion to the federal government alone.
“Make no mistake, this legislation is game changing. It alters the trajectory of drug pricing and policy in the United States. It finally begins to break the power of multinational drug corporations to dictate prices of brand name drugs to the American people. It marks a shift to reforming the system in order to make it work for the people it is supposed to serve – rather than the people who profit from it.
“The victory in the Senate today would not have been achieved without tireless advocacy from hundreds of thousands of patients, their families, and allies. Their dedication to sharing their real, lived experiences made it possible to reach policymakers in Washington and counter the power of the drug companies; they are the force behind these reforms.
“We thank the 50 Democratic Senators who stood with patients to achieve this hard won victory. In the face of lies, scaremongering, and assaults by the drug corporations, they delivered for the American people who overwhelmingly support the legislation. We are grateful for the savvy work of Senate Majority Leader Chuck Schumer to achieve this goal so long sought. Onward to the House where we look forward to passage of the legislation when it convenes in the coming days.”