Statement from Margarida Jorge, head of Lower Drug Prices Now ahead of President Biden’s remarks on the need to lower prescription drug prices:
Lowering prescription drug prices is one of the most immediate and significant ways we can help families currently struggling with high costs. President Biden’s focus on lowering costs for seniors, people who rely on insulin, and working families is critically important to making sure the Build Back Better Act passes quickly.
The Build Back Better Act is a significant first step toward breaking up Pharma’s monopoly power over prices and making medicines more affordable for millions. For the first time, Medicare will be allowed to negotiate prices on some drugs, establishing a ground-breaking foundation for future action to lower drug prices more broadly and hold the drug corporations accountable for boosting their profits at the expense of our health. Drug corporations will finally face penalties for raising prices faster than inflation and there will be new limits on out-of-pocket costs for seniors and diabetics.
After years of promises to lower drug prices, Democrats are finally taking action to deliver. We commend President Biden for his continued focus on the need to lower drug prices, and we urge the Senate to pass the House’s Build Back Better Act without delay before the holidays so that more Americans can finally get affordable medicines.