US Senator Baldwin: Welcomes lower prescription drug prices for seniors under the Inflation Reduction Act

Washington, DC – Today, U.S. Senator Tammy Baldwin (D-WI) welcomed the announcement of lower drug prices for seniors in Wisconsin thanks to the Inflation Reduction Act. The Baldwin-supported Inflation Reduction Act Medicare was authorized for the first time to negotiate lower prescription drug prices, and today the Biden administration announced the price reductions for the first 10 drugs under those negotiations. Medicare's ability to negotiate prescription drug costs will reduce some monthly prices by nearly 80% and more than $9,000, saving American taxpayers $6 billion and Medicare enrollees $1.5 billion in out-of-pocket costs in 2026 alone. Over 150,000 Wisconsin residents currently take one or more of the 10 drugs, some of the most commonly used and expensive medications.

“This is what it looks like when you take on big pharmaceutical companies while reducing costs for the citizens of Wisconsin,” said Senator Baldwin. “In every corner of our state, I hear of people making tremendous sacrifices – from turning down the heat in the winter to save on energy costs to rationing their dosages – just to afford the medicines they need to live. This is wrong, and Wisconsinites deserve better. That's why I voted for the Inflation Mitigation Act – to provide real relief to Wisconsin families and hold big pharmaceutical companies accountable for putting profits before people.”

Last August, the U.S. Department of Health and Human Services announced the first ten drugs selected for Medicare price negotiations. Below are the results of the drug negotiations:

The Inflation Reduction Act In addition, insulin costs for Medicare Part D beneficiaries were capped at $35 per month for certain covered insulin products, and Medicare beneficiaries' out-of-pocket costs will be capped at $2,000 per year beginning in 2025.