Statement from Margarida Jorge, Campaign Director of Lower Drug Prices Now – the leading campaign fighting to lower prescription drug prices – in response to the House passing the Inflation Reduction Act:
Today is a huge defeat for Big Pharma and a huge victory for patients who have long endured the drug corporations’ relentless price-gouging. Pharma’s monopoly power to set and raise prices as high as they want has put affordable medicine out of the reach of millions of people for years and caused untold harm.
For generations politicians from both parties have been promising reform. But, today, Congressional Democrats and President Biden have delivered on those promises by passing historic reforms that will enable Medicare to negotiate for prices, that will create the first-ever cost caps for out-of-pocket costs and that will actually hold drug corporations accountable for raising their prices in Medicare faster than inflation.
Ending Big Pharma’s monopoly control over prescription drug prices is in the famous words of the now-President a BFD. It will improve lives for millions of seniors and set the stage for further improvements for patients of all ages.
We applaud House Democrats for standing up to Big Pharma in order to make life better for their constituents and look forward to President Biden signing this bill into law.