Summary: President Biden and Democrats in Congress passed the historic Inflation Reduction Act (IRA) passed in August, 2022, to lower drug prices in Medicare and finally hold drug corporations accountable for decades of price-gouging patients on everything from insulin to cancer drugs. The new law finally allows Medicare to negotiate lower drug prices on some of the most expensive and widely prescribed medicines in Part D. The new law caps the out of pocket costs of prescriptions for the first time, including limiting the price of insulin to $35/month for millions of Medicare enrollees. In addition, the new reforms penalize drug corporations that raise their prices faster than inflation, putting medicine out of reach and artificially inflating profits at the expense of patients. 

Lowering drug prices in Medicare, the largest purchaser of prescription medicines in the nation, is an important first step in ending drug corporations’ price-gouging but Pharma continues to fight the law, seeking to overturn it in Congress and the courts before it can be implemented. It’s up to us to make sure the Inflation Reduction Act reforms are implemented, that people benefit and that we extend these reforms to also lower prices for people of all ages and with all kinds of coverage.

Hashtags: #BigPharma, #LowerDrugPricesNow, #InflationReductionAct

Sample Content:

For decades, #BigPharma companies with monopoly control over prices have raised costs to inflate profits while patients ration medicine, go into debt to pay for prescriptions and forgo medicines they need.
Thanks to @POTUS, millions of seniors and people with disabilities will finally get prescriptions at lower costs at the pharmacy.

The #InflationReductionAct is a huge win for seniors and people with disabilities who have been struggling to afford prescription medicines.
From empowering Medicare to negotiate for lower drug prices to instituting the first out-of-pocket Rx cost cap in Medicare, this law puts money back in patients’ pockets.
Now, let’s fight so everyone, no matter what insurance they have, can get lower prices on medicines.

Thank you @POTUS for putting patients over #BigPharma profits and enabling Medicare to negotiate for lower drug prices, making recommended vaccines free, capping out-of-pocket prescription costs, and capping insulin costs.

Here’s your reminder that the #InflationReductionAct CAPS the cost of insulin for Medicare enrollees at $35 per month.
That’s a lot of breathing room for people who need it.

Thanks to the #InflationReductionAct, Pharma corporations have to pay if they hike prices faster than the rate of inflation.
Penalizing #BigPharma for price-gouging patients? We can get behind that.

For decades, #BigPharma got away with raising drug prices faster than the rate of inflation.
In 2023, they did this to HALF of the drugs in Medicare.
Now, they have to pay a rebate if they decide to price-gouge seniors.

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