Statement from Margarida Jorge, head of Lower Drug Prices Now – the leading campaign fighting to lower prescription drug prices – in response to President Biden’s remarks in the 2024 State of the Union address committing to more action to lower drug costs:

“President Biden did what his predecessor only talked about: he signed a new law that finally forces prescription drug corporations to negotiate lower prices in Medicare after years of padding their profits by price-gouging consumers on everything from insulin to heart medicines. Medicare negotiations will save patients and taxpayers billions over the coming decade once the law is fully implemented. The new law also penalizes drug corporations for increasing prices faster than inflation and caps the annual out-of-pocket costs that seniors and people with disabilities pay at the pharmacy for the first time. 

After hinting over the last year that more progress is possible, President Biden in his State of the Union address clearly stated his commitment to pushing for more progress. The President laid out plans to expand the modest number of drugs that will be eligible for Medicare negotiations from 50 to 500 and to extend those negotiated prices to people of all ages with all kinds of insurance. He proposed also extending the $2000 annual out of pocket cap to all and creating a national $35 insulin cap so that every diabetic can get the life-saving medicine they need. These are great next steps that Lower Drug Prices Now already strongly supports. 

Recent polls show that as many as 9 in 10 voters support negotiating prices for prescription drugs. That support is bipartisan, with voters of all political affiliations signaling support for lowering prescription drug prices and reining in prescription drug profiteering that puts too many medicines out of reach.

The 2022 Inflation Reduction Act demonstrated that we can take on Big Pharma and win big for patients. The time is now to build on our success and ensure that everyone in America, no matter what age they are, what health conditions they have, or how much money is in their wallets can afford the medicines they need.”