ICYMI: Patient Advocate Bob Parant Introduced President Biden Today, Thanked Him For Lowering Drug Prices With The Inflation Reduction Act
Bob Shared His Story About High Insulin Prices At White House Event Highlighting President Biden’s Work To Lower Health Care Cost
WASHINGTON, D.C. — Patient advocate Bob Parant, a Medicare beneficiary who lives with type 1 diabetes, shared his story about the high price of insulin at the White House today where he introduced and thanked President Biden for passing the Inflation Reduction Act and lowering insulin costs for Medicare beneficiaries. The president delivered remarks about lowering health care costs through the Inflation Reduction Act, which was signed into law last month.
Bob, a New Yorker who was diagnosed with type 1 diabetes 50 years ago, takes Humalog – which costs him $300 out-of-pocket every 90 days. He explained that the price of insulin has increased by over 600 percent in the last 20 years.
“Insulin cost is inhumane,” Bob shared ahead of introducing the president. “But thanks to President Biden and Democrats in Congress, the reforms in the Inflation Reduction Act will save me, and millions others, hundreds, and in some cases, thousands of dollars a year…The Inflation Reduction Act will allow me to do things I cherish – be able to travel to see my grandkids and also worry less about depleting my retirement savings.”
The provisions in the Inflation Reduction Act will, for the first time, allow Medicare to negotiate lower drug prices, curb drug company price gouging by limiting annual price increases to the rate of inflation, cap out-of-pocket costs for Medicare Part D beneficiaries at $2,000 in 2025, and limit monthly insulin copays to $35 per month for Medicare enrollees starting next year.
“From now on, if you’re on Medicare and you have diabetes, the cost of insulin can be capped at $35 a month per prescription – Bob just told you what a difference it’d make and is gonna make in his life,” said President Biden at today’s speech. “We pay more for prescription drugs than any other advanced nation in the world and there’s no good reason for it. For years, many of us have been trying to fix this problem. But for years, for years, Big Pharma has stood in the way. Not this year – this year the American people won and Big Pharma lost.”
“We are grateful to Bob for sharing his story today and to President Biden for continuously elevating the voices of patients,” said Merith Basey, Patients For Affordable Drug Now’s executive director. “Beginning in 2023, millions of people like Bob who are on Medicare will begin to feel some much needed relief as monthly insulin copays are capped as a result of the historic Inflation Reduction Act. Rest assured that we will keep fighting to lower drug prices for everyone – including the uninsured and those who have insurance in the private sector.”
Watch Bob’s remarks and the president’s full speech here.
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What do drug prices and leaves have in common? They both are getting ready to fall. ?
The Week in Review in Prescription Drug Pricing
Welcome, Merith!
We’re thrilled to welcome Merith Basey as our new executive director here at P4AD! Her arrival comes at a key moment when sweeping reforms to the U.S. drug price system are being implemented and advocates are turning to other key policies to ensure patients and all Americans can afford the drugs they need. “Our number one challenge will be that the pharmaceutical industry is not going to quit overnight,” Basey told STAT in an interview. “They’ve spent hundreds of millions of dollars to prevent Medicare negotiation, and we know that Patients For Affordable Drugs won’t be stopping either.” In a video, Merith also shared her commitment to health equity, which began nearly two decades ago working alongside young people living with type 1 diabetes in Ecuador. “I believe that no one should be poor because they are sick, and nobody should be sick because they are poor,” she shared. “Merith brings extensive knowledge and skill,” our founder David Mitchell stated. “She is a great fit for our organization and will add fresh perspectives that will strengthen us for the future.” — (STAT, P4AD Twitter, P4AD)
2. Celebrating Wins For Patients
MembersofCongress, academics, advocates, and patients continued to celebrate how the drug price reforms in the Inflation Reduction Act will help patients afford their medications. “After years of candidates going out on the campaign trail and telling America that the cost of prescription drugs were too high, we finally did something about it,” Senator Durbinremarked. Senator Baldwin said, “This is real, life-changing relief for working families.” Rep. Golden shared, “Reducing government spending on health care through prescription drug negotiations… is going to put downward pressure on inflation.” Advocatescelebrated the historic win, saying, “For the first time in decades, Big Pharma’s relentless grip on their wallets, medicine cabinets and peace of mind will begin to be pried loose.” Brenda Dickason, a retired Tucson police detective and teacher and small business owner, explained how she’s had to make tough choices in order to afford her medication. Brenda told PBS, “So I have to make a choice: Do I go without the EpiPen, or do I buy supplies I need for my job?” The Inflation Reduction Act will provide relief from high prices to millions of patients like Brenda. — (The Filipino Chronicle, Modern Healthcare, Bitterroot Star, Stanford Law School, Senator Durbin, Modern Healthcare, WMTW, Michigan Chronicle, Finger Lake Times, The Daily Sentinel, AZ PBS)
3. Big Pharma Shenanigans
Bluebird bio broke its own drug pricing record this week after a green light from the FDA for a gene therapy called Skysona. The new record? $3 million per treatment. Skysona is the latest drug in a new trend of specialized gene therapies coming to market at outrageous launch prices that put profits ahead of the needs of patients and the ability of our system to pay. Big Pharma is up to no good with its old drugs too, abusing the patent system to keep drug prices high for patients and to line the industry’s pockets. As Novartis prepares for generic alternatives to its multiple sclerosis drug Gilenya to come to market, the company plans to ask the Supreme Court to take up its drug patent case after an appeals court deemed a Gilenya patent invalid. “If generics launch this year, Novartis expects a $300 million hit to its 2022 revenue guidance,” FiercePharma reports. In an op-ed, Professor Michael Carrier describes a new loophole in the system that Big Pharma is using to maximize profits and keep generics from coming to market. A new ruling puts drug companies in a catch-22, forcing a choice between infringing on the patent or breaking federal drug labeling mandates. “Other generic makers are unlikely to take the same risk against patent holders, leaving patients paying monopoly prices on what ought to be off-patent drugs,” Carrier explains. “These results harm the most vulnerable patients who may not be able to afford high-priced brand drugs.” The common thread throughout? Bigger profits for pharma and high prices for patients. — (FiercePharma, Reuters, FiercePharma, Los Angeles Times)
A world with lower drug prices for all? I want to be a Part Of That World. Welcome To The Week In Review.
“The American People Won, And Big Pharma Lost”
President Biden hosted an event at the White House this week to celebrate the signing of the Inflation Reduction Act, which includes historic drug price reforms that allow Medicare to negotiate lower prices, cap out-of-pocket costs for Medicare Part D members, and curb drug company price gouging. “This year, the American people won, and Big Pharma lost,” the president said to the crowd of legislators, advocates, and activists. Among them was P4ADNow’s David Mitchell and AARP CEO Jo Ann Jenkins, who fought on behalf of patients waiting for relief from high prescription drug prices. Members of Congress continued celebrating in op-eds outlining the monumental impact this law will have on patients. Rep. Spanberger wrote, “The Inflation Reduction Act moves our Commonwealth substantially closer to a stronger, healthier, and more affordable future — one that benefits Virginia’s seniors, not just the pharmaceutical companies.” — (KOAT, P4ADNow Twitter, David Mitchell Twitter, AARP, Seacoastonline, The Gettysburg Times, The Free Lance-Star)
2. Exposed: Patent Gaming
I-MAK released a new report, Overpatented, Overpriced: 2022, that highlights the extent of drug company abuse of America’s patent system and the impact of these anti-competitive behaviors on patients. Our patent system is meant to reward innovation by granting drug companies a time-limited period without generic competition. After that period, generic drugs are intended to come to market, creating competition, and driving down prices. “But drugmakers often extend their patents by making small tweaks to the drugs, sustaining their monopolies for several years,” reports NBC. “The excessive use of the patent system — by drugmakers Bristol-Myers Squibb, AbbVie, Regeneron and Bayer — keeps the prices of the medications at exorbitant levels, often at the expense of American consumers.” When drug companies abuse the U.S. patent system to keep prices high, patients suffer. The report demonstrates the importance of reforming our patent system to bring an end to drug company abuses and lower prices for patients. — (I-MAK, NBC)
3. ?Pandemic Profiteering?
Big Pharma keeps finding ways to profit off the pandemic. Moderna announced this week that it may seek to raise the price of the company’s COVID-19 vaccine to $100 per dose. That would be almost six times more than what the U.S. government initially paid for doses of the vaccine. And remember, taxpayers paid for the development of Moderna’s vaccine by investing billions of dollars in mRNA research prior to the pandemic and then underwriting 100% of the company’s research and development of the COVID-specific vaccine. Meanwhile, Moderna’s profits are soaring, with the company aiming to hit $13 billion in annual U.S. COVID vaccine sales. The U.S. government and taxpayers stepped up and this is how Moderna repays us; it’s despicable. — (Endpoints)
4. Polls Are In: Big Pharma Is Out
Two new polls released this week confirm what we already know – the public has a negative opinion of Big Pharma and the U.S. pharmaceutical system. The Associated Press-NORC Center for Public Affairs Research’s poll shows that nearly 75 percent of American voters think prescription drug costs are handled poorly in the United States. And Gallup’s new poll reveals that over the last year, Americans’ views of the drug pricing industry have dropped six points, even as Big Pharma has tried to rehab its reputation amidst the pandemic. Americans know the truth: Big Pharma is taking advantage of patients. — (AP, Gallup)
5. Inflation Reduction Act’s Impact
This month, P4AD launched a campaign highlighting the drug price provisions in the Inflation Reduction Act and how they will help patients. First, we took a look at how the new law requires Medicare to negotiate directly with drug companies for lower prices. This may help patients like Steven, who takes Januvia, an expensive drug with a list price of $521 a month that could be eligible for Medicare negotiation. Second, we dove into the $2,000 annual out-of-pocket cap for patients on Medicare Part D that will help more than 1 million Americans every year. This reform will save patient advocate Jackie tens of thousands of dollars on the cancer drugs keeping her alive. “The $2,000 out-of-pocket cap would be life-changing for me and my husband,” Jackie shared. “We could finally replenish our savings account and do things we have been putting off like seeing the dentist; and I won’t have to worry about leaving my husband bankrupt.” Keep an eye out for more content in the coming weeks! — (P4AD Twitter)
One more thing: Patient advocate Clayton McCook spoke with NPR about how personal the fight to lower insulin prices is for him. “Without insulin, my daughter will die.” Check it out.
Have a great weekend, everyone!
The Week in Review in Prescription Drug Pricing
Biggest upset in August? Serena beating the no. 2 seed or patients overcoming Big Pharma’s $205 million in lobbying spending? Game, set, mat
Welcome To The Week In Review.
Patients Explain: “This Is A Game-changer.”
This week, patients continued to share how the new drug price reforms in the Inflation Reduction Act will improve their lives. P4AD’s David Mitchell spoke at AARP’s tele-town hall and shared that the $2,000 annual cap on Medicare Part D recipients’ out-of-pocket costs will be “transformative for me and millions of other cancer patients over time.” Jackie Trapp in Wisconsin lives with an incurable blood cancer and takes Revlimid, which cost her $21,740 out-of-pocket last year. She shared that the out-of-pocket cap in the Inflation Reduction Act “would be huge in terms of us being able to reinstall that safety net of ours and go back to having a healthy savings account.” Melia Derrick, a director of retirees for Branch 9 of the National Association of Letter Carriers in Minnesota, wrote an op-ed explaining, “Seniors like me with serious conditions like cancer, multiple sclerosis, and rheumatoid arthritis will save thousands of dollars on prescriptions.” DonnaMarie Woodson, a colon and breast cancer survivor in North Carolina, shared that the new law, “is going to be so beneficial for seniors across the board, in terms of medications and out of pocket costs.” Rick Buchanan, a patient in Nevada, wrote, “This bill allows Medicare to negotiate the cost of prescription drugs — significantly lowering prices — and caps seniors’ out-of-pocket costs at $2,000 per year. For folks like me, this is a game-changer.” — (AARP, USA Today, Duluth News Tribune, The Charlotte Post, Las Vegas Sun)
2. Congress Is Proud Of Drug Price Reforms
Members of Congress including Senators Brown and Warner and Reps. Davids, McGovern, Neguse and Crow, Scanlon, and Thompson continued to share just how historic the Inflation Reduction Act is in providing relief from high drug prices for their constituents. Senator Baldwin said, “Wisconsin families need lower costs and I voted for the Inflation Reduction Act to deliver results.” Rep. Tonko shared, “With the Inflation Reduction Act now the law of the land, Democrats in Congress have taken bold steps to rein in out-of-control health care costs and slash drug prices for millions of Americans.” Rep. Luria remarked, “I am proud to have supported the Inflation Reduction Act, which will cut health care and prescription drug costs for working families and seniors.” Rep. Wexton added, “Now, thanks to legislation I’ve championed in Congress, health care is more affordable and accessible than ever.” Rep. Harder summarized, “We took on big pharma, we won, and now 40,000 people in our community will save thousands on life saving health care and medications because of it.” Thanks to champions in Congress, Americans will get long overdue relief from high drug prices because of your work in passing this monumental law. — (People’s World, NBC 29, KCUR, Greenfield Recorder, Highlands Ranch Herald, Patch, Lake County News, Madison.com, Saratogian, InsuranceNewsNet, Blue Virginia, Rep. Harder)
3. Big Pharma’s profiteering schemes
This week, a new Health Affairs study found that drug companies profit from donating to charities that help Medicare patients pay for costly medicines. Researchers analyzed the drug spending of more than 3 million Medicare Advantage enrollees and examined data on illnesses and drugs covered by charities aimed at providing assistance to these same beneficiaries. According to Axios, the researchers found that “Manufacturers could effectively assist in the purchase of their own medications by contributing to condition-specific charities,” which likely “violate the spirit” of federal Anti-Kickback statutes, as reported by STAT. Sounds like Big Pharma is up to its same old profiteering schemes. While drug companies want us to believe they are donating to patient “charities” to help Medicare patients, Big Pharma is really using these patient “charities” to sell more drugs at ever higher prices at the expense of patients and taxpayers. — (Axios, STAT)
?BONUS: Tradeoffs dives into the Inflation Reduction Act and the next steps for implementing the new drug pricing law, as well as Big Pharma’s efforts in opposition. Give it a listen!
Have a great weekend, everyone!
The Week in Review in Prescription Drug Pricing
Biggest upset in August? Serena beating the no. 2 seed or patients overcoming Big Pharma’s $205 million in lobbying spending? Game, set, match.
Welcome To The Week In Review.
Still Smiling About Drug Price Reforms
It’s been more than two weeks since President Biden signed the Inflation Reduction Act into law, and countrywideadvocates, patients, and business administrators are still talking about how the monumental drug price provisions will help Americans. “Health care lies at the heart of the Inflation Reduction Act,” Meghan Roh, program director for Opportunity Wisconsin, explained. “And the provisions to reduce costs and expand care are overwhelmingly popular with Wisconsinites across the political spectrum.” In Arizona, many of the over 1 million seniors enrolled in Medicare will benefit from the drug price provisions. Sue Lee in Kentucky is a plaque psoriasis patient on Medicare who will face lower drug costs thanks to the $2,000 out-of-pocket cap — right now, Humira would cost Sue nearly $10,000 a year out of pocket on Medicare. Millions of others like Sue are feeling hopeful with the passage of the Inflation Reduction Act. — (AZ Mirror, Wisconsin Examiner, Medscape, San Antonio Express-News)
2. Electeds Echo Importance Of New Drug Price Law
From the White House to state capitals, elected officials are spreading the word about the impact of the historic drug price provisions in the Inflation Reduction Act. Vice President Harris touted the provisions, explaining, “Medicare was required by law to pay whatever price the drug companies set. But not anymore.” Senators Casey, Duckworth, Shaheen, Tester, and Warnock defended the drug provisions and explained how they will help Americans in their states and across the country. U.S. Representatives Craig, Houlahan, Malinowski, Phillips, Slotkin, and Wild followed suit. At a telephone town hall in Pennsylvania, Rep. Wild said the Inflation Reduction Act’s impact on seniors’ drug costs “is the biggest inroad [Congress has made on the issue] ever.” Reps. Craig and Phillips penned an op-ed highlighting how the drug price reforms deliver on their campaign promises. “Right here in Minnesota, more than 27,000 seniors will see their prescription drug costs capped at $2,000 per year, and 47,000 Minnesotans will have insulin copays capped at $35 per month,” they said. “These life-saving reforms will make a real difference in the lives of our constituents.” Oklahoma State Senator Hicks wrote, “This is great news for Oklahoma. Finally, a comprehensive plan that will lower prescription drug prices.” — (P4ADNow, Delco Times, OurQuadCities, Manchester Ink, Great Falls Tribune, Romes News-Tribune, Star Tribune, Patch, Insider NJ, Minnpost, Fox47 News, WLVR, Oklahoman)
3. HELP! We Need UFAs With Drug Reforms
This week, the Center for Science in the Public Interest led a group of consumer, health professional, food safety, academic, and environmental organizations including P4ADNow in sending a letter to Congressional leadership urging them to pass the FDA user fee package approved by the Senate HELP committee earlier this year. The HELP committee package includes reforms that will bring us closer to restoring integrity to the drug pricing system by bolstering generic competition and driving down drug prices for patients. — (CSPI)
Have a great weekend, everyone!
The Week in Review in Prescription Drug Pricing
Similarities of corn and affordable drug prices? We really love it. I mean look at this thing! It has the juice! It should be affordable. We can tell you all about it!!! ?
Welcome To The Week In Review.
1. Success Sinking In
We’re still buzzing about the millions of patients who will benefit from the drug price reforms in the Inflation Reduction Act that became law last week. Older women, in particular, will feel the relief of the reforms as they typically take more prescription medications than men. The provisions will disproportionately help Black and Latino seniors who are twice as likely to have difficulty affording their medications than white Americans; in particular, the $35 insulin copay cap will be beneficial to these communities as diabetes is more prevalent in Black and Latino adults than in white adults. Big Pharma and its allies are up to the same nonsense, continuing to spew misleading claims about these historic reforms. But patients know better than to believe the lies. Contrary to pharma’s fearmongering, the legislation will save the federal government billions and many seniors thousands of dollars a year. Patients are clear: The Inflation Reduction Act will lower prices of and increase access to vital prescription drugs many seniors depend on. — (Forbes, Washington Informer, New York Times)
2. Top Officials Tout New Drug Price Reforms
Top officials in the Senate, House, and Biden Administration are celebrating the passage of the new drug price provisions in the Inflation Reduction Act and sharing with voters how the provisions will help them. President Biden highlighted the stunning defeat of the powerful pharmaceutical industry: “For decades, Big Pharma won but not this year! The American people won and Big Pharma lost!” Rep. Abigail Spanberger from Virginia emphasized the significance of the drug price reforms saying, “For the people who are most directly impacted, it’s life changing.” Senate Health, Education, Labor, and Pension Committee Chairwoman Patty Murray and Rep. Kim Schrier touted the legislation, which is expected to reduce prescription drug costs for 1.4 million people in Washington state alone. “To be able to pass the Inflation Reduction Act and actually make real changes that are coming soon and to give people some hope, to me, is just one of the best things we’ve been able to do this year,” Senator Murray shared. On Thursday, Centers for Medicare & Medicaid Services Administrator Chiquita Brooks-LaSure, who will be key to the implementation of the drug price provisions, told stakeholders, “It is truly a historic moment as we drive toward our vision of equitable, affordable healthcare coverage.” In Pennsylvania, Reps. Brendan Boyle and Dwight Evans held an event emphasizing how the Inflation Reduction Act “will make such a difference” to patients in their districts. At a roundtable about lowering prescription drug prices, Health and Human Services Secretary Xavier Becerra noted that the drug price provisions will, “pass along a lot of savings to many Americans who need it at this particular time.” The work to lower drug prices isn’t over, and Senator Catherine Cortez Masto reaffirmed her commitment to continue to take on Big Pharma at a roundtable she hosted this week in Las Vegas. She said, “To the extent that the pharmaceutical companies try to skirt the law and still try to make a profit off the backs of so many, we’re going to continue to introduce legislation in order to stop that.” We are grateful that top government officials are spreading the word about how the Inflation Reduction Act delivers relief to Americans from high prescription drug prices. — (Your Erie, Post Independent, P4ADNow, Axios, My Northwest, The Reflector, Northeast Times, KCRA, Las Vegas Review-Journal)
3. Opinions: Americans Express Gratitude For Lower Drug Prices
Americans across the country are sharing their stories and gratitude for the positive impact the new drug price provisions in the Inflation Reduction Act will bring to their communities. Vincent DeMarco of Maryland Health Care for All! Coalition and Lynn Heller from the Climate Access Fund celebrated the bill for delivering health benefits that lower drug costs. For many Medicare recipients, including a retired police officer who lives with Parkinson’s disease, the legislation will mean thousands of dollars in savings. Gail deVore of Colorado, a type 1 diabetic, wrote how the Inflation Reduction Act “finally reins in Big Pharma’s greed and drives down drug prices for millions,” and advocated for continuing the fight by lowering the price and cost of insulin for all patients who need it. Gene Faltus, from New Hampshire, is another patient helped by the drug price provisions. He wrote, “between the 25 prescriptions that keep me alive, the $7,000 annual out-of-pocket costs are quickly shrinking my savings…The Inflation Reduction Act will change my life.” Soon Gene, who lives with a variety of conditions including terminal cancer and cardiac conditions, will pay no more than $2,000 out of pocket for the drugs he needs. “So, as I watched Democrats in Congress pass the Inflation Reduction Act, I couldn’t help but feel excitement and relief.” — (Bangor Daily News, Baltimore Sun, Colorado Politics, Union Leader)
One More Thing: Check out this episode from the “This is Type 1” podcast featuring Iesha Meza, who shares her struggle with insulin rationing and her journey to becoming an advocate in fighting for lower prescription drug prices.
It’s official: On Tuesday, President Biden made history by signing into law the Inflation Reduction Act, which will lower prescription drug prices and cap out-of-pocket costs for at least 50 million Americans on Medicare. “President Biden, along with Democrats in the Senate and House, fulfilled their promises to the American people by standing firm in the face of assaults from Big Pharma and passing unprecedented reforms,” sharedP4ADNow founder David Mitchell. “As a result, they have changed the trajectory of drug pricing in the United States.” The President penned an op-ed in Yahoo News before the event, writing, “The big drug companies spent nearly $100 million to beat this law. We prevailed.” He’s right – “this was unquestionably the biggest political loss Pharma has suffered,” Henry J. Kaiser Foundation’s Larry Levitt told HuffPost. P4ADNow’s Lucy Westerfield spoke with Spectrum News about the monumental change. “It’s going to be really enormous relief for patients on Medicare, patients who have high costs on their Medicare plans,” Westerfield said. “But also, it’s going to fundamentally change the way that pharmaceutical manufacturers have control over our pricing nationwide.” (Money.com, P4ADNow, Yahoo News, HuffPost, Spectrum News)
2. Hats Off To Patients For Advancing Popular Rx Policy
Following the President’s signing of the Inflation Reduction Act, P4ADNow founder David Mitchell sent a letter and video to our incredible patient community, thanking them for fighting for these reforms. “I cannot emphasize this enough: The victory would not have been achieved without tireless advocacy from people such as yourself. Your dedication to sharing your real, lived experiences and to write a letter or make a phone call made it possible to reach policymakers in Washington and counter the power of the drug companies; you are the force behind these reforms. Thank you.” It’s no wonder hundreds of thousands of patient advocates rallied around the drug price reforms – they are the most popular component of the Inflation Reduction Act, according to a new Politico-Morning Consult poll. Another poll released this week by Navigator Research reports that 81% of Americans support capping out-of-pocket costs on prescription drugs for seniors, 81% of Americans support capping insulin costs for seniors at $35 per month, and 80% of Americans support giving Medicare the power to negotiate for lower prescription drug prices. Americans know what they want, and patient advocates know how to get it done. (P4ADNow, P4ADNow, Politico, Navigator)
3. Drug Price Reforms In Action
Now that the Inflation Reduction Act has been signed into law, experts, news outlets, and advocates are diving into the details of each drug pricing provision and what relief will look like for patients. Articles explained how drug companies will be penalized if their price hikes out-pace inflation, ensuring costs are kept in check for seniors, and how Medicare will finally have the power to negotiate lower drug prices with pharmaceutical companies. The $2,000 out-of-pocket cap on drug costs, which will start in 2025, will help patients like GinnyBoynton in Pennsylvania who is currently taking a drug with a six-figure price tag to treat her Lambert Eaton Myasthenic Syndrome. At an event with Senator Casey this week, she shared, “that provision alone will ensure that I can take my Firdapse as intended, and will save me thousands of dollars every year.” And on a podcast, P4ADNow’s Sarah Kaminer Bourland discussed in detail the insulin provisions, which will limit insulin copays to $35 per month for Medicare beneficiaries. Experts also highlighted that seniors aren’t the only ones to benefit, as these reforms are expected to affect the commercial market. “Medicare is a leader in health policy and payment models, and what they do really trickles out,” influencing other segments of the market, Sarah Kaminer Bourland explained. (Boston Globe, Center for American Progress, Kaiser Family Foundation, New York Times, WGAL, PennLive, Diabetes Connections, MarketWatch)
One More Thing: Prior to the House vote on the Inflation Reduction Act, P4ADNow founder David Mitchell sat down with Rachel Cohrs of STAT to discuss the work leading up to this monumental moment and his plans for the drug pricing fight ahead. You can check it out here.
Have a great weekend, everyone!
The Week in Review in Prescription Drug Pricing
? ? ? Welcome to the Week in Review.
1. A New Era For Drug Prices
The day we’ve all been waiting for arrived! Yesterday, Congress made history by passing the historic drug price provisions in the Inflation Reduction Act that will lower prescription drug prices and out-of-pocket costs for millions of Americans. “With this legislation, we have changed the trajectory of drug pricing policy in the United States,” said P4ADNow founder David Mitchell. “We have finally begun to break the power of multinational drug corporations to dictate prices of brand-name drugs to the American people.” We are so grateful to our patient community for their tireless work, and to Democrats for getting this legislation over the finish line. ? — (P4ADNow)
2. A Payoff for Patients
Patients across the country are heaving a sigh of relief this week as the drug price reforms in the Inflation Reduction Act passed Congress. Over 1.4 million seniors on Medicare will save money with the $2,000 limit on out-of-pocket costs for medications. For MS patient Bob Miller, the out-of-pocket cap will offer “peace of mind” and allow him to go back on Betaseron, a medication to delay the progression of his neurological condition, which he hasn’t taken for 6 years because it costs him more than $10,000 each year. The $35 insulin copay caps for Medicare beneficiaries will be transformative for patients like Bob Parant, a type 1 diabetic from New York, who spoke to NPR about how the new provisionswill dramatically drop his out-of-pocket costs, making a “huge difference” in his life. Since Medicare beneficiaries are often exposed to high out-of-pocket costs that are tied to the list price of drugs, both the Medicare negotiation provision and the policy to curb price hikes will drive downcosts and bring relief. For years, hundreds of thousands of patients have fought for these reforms, and soon they will feel the fruits of their labor. (Time, New York Times,Pittsburgh Post-Gazette, NPR, Washington Post)
3. Senators Celebrate Drug Price Reforms
The three key prescription drug price reforms in the Inflation Reduction Act have more bipartisan support than any of the provisions in the bill with each reform garnering support from over 70 percent of voters. Patients, seniors, and providers know the reforms would be life changing, especially for individuals prescribed the most expensive drugs. Jackie Trapp faces over $10,000 a year in out-of-pocket costs for her cancer and heart medications and told NBC news, “I am likely to leave my husband all alone sooner than I would like, but now I fear of leaving him bankrupt as well.” If Congress follows through on its plan to pass the package by the end of next week, Jackie’s costs would soon be limited to no more than $2,000 each year. AARP Pennsylvania state president wrote, “Big Pharma has been price gouging seniors for too long. This is the Senate’s opportunity to fix the unfair system that’s rigged against Americans.” We couldn’t agree more. — (CBS News, Morning Consult, Deseret News, Missoula Current, NBC News, Union-Sun & Journal, Bradford Era)
4. Pharma: A Sore Loser
The tables have officially turned. For the first time in decades, “the seemingly unstoppable pharma lobbying force has lost its charm,” and it’s notthrilled. Big Pharma continued to spread lies about the drug legislation all the way up to its passage in the House, and experts continued to shut down the industry’s claims. “No, the Senate-Passed Reconciliation Bill Won’t Strip $300 Billion From Medicare,” headlined Kaiser Health News (KHN) and Politifact. “To the contrary,” writes Paul N. Van de Water of the Center on Budget and Policy Priorities. “The bill will improve Medicare drug benefits by limiting the total amount of cost sharing that a beneficiary will be required to pay in any year.” Regarding PhRMA CEO Ubl’s falsities that the drug pricing scheme is based on “a litany of false promises,” P4ADNow’s Sarah Kaminer Bourland explains, “these reforms finally even the playing field and allow the federal government to come to the table and use its purchasing power.” And Richard Frank of the USC-Schaeffer Initiative debunks Ubl’s letter in an op-ed, saying, “one should not be swayed by a self-serving set of falsehoods, exaggerations, and muddled analyses in considering the advances offered by the act.” P4ADNow’s David Mitchell told KHN, “The idea that taking a small bite out of pharma revenue is going to stop them from creating new drugs is bullshit.” Sorry, Big Pharma, time to face the music: Your unlimited pricing power stops now. — (Fierce Pharma, Common Dreams, Kaiser Health News and Politifact, Common Dreams, The Hill, Kaiser Health News)
5. What’s Next?
While Democrats in Congress, patients, and advocates won a big victory against Big Pharma with the Inflation Reduction Act, the work to lower drug prices for all Americans continues on. With the establishment of brand new drug pricing programs such as Medicare negotiation, work to ensure strong implementation of the Inflation Reduction Act will be a key focus in the year to come. Efforts to extend the $35 insulin copay cap to all Americans were thwarted by Republicans in the Senate and the requirements of the reconciliation procedure limited the scope of price hike penalties. Now advocates and patients, including P4ADNow, will be turning to fight for new reforms to address high drug prices for all Americans, including families on private insurance like advocate Clayton McCook and his daughter Lily, and the uninsured, like patient Iesha Meza. The force behind the Inflation Reduction Act was the voice of patients and advocates, luckily they aren’t ready to stop anytime soon. — (CNBC, Axios, Washington Examiner, NBC News, Deseret News)
