Baldwin celebrates lower prescription drug prices for seniors under Inflation Reduction Act

WASHINGTON, DC — 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 Inflation Reduction Act, sponsored by Baldwin, authorized Medicare for the first time to negotiate lower prices for prescription drugs, and the Biden administration announced price reductions for the first 10 drugs as part of those negotiations.

Medicare's ability to negotiate prescription drug costs will reduce some monthly prices by nearly 80%, or more than $9,000, and is expected to save American taxpayers $6 billion and Medicare beneficiaries $1.5 billion in out-of-pocket costs in 2026 alone.

More than 150,000 Wisconsin residents currently take one or more of the 10 drugs, some of the most commonly used and expensive medicines.

“This is what it looks like when you take on big pharma and drive down costs for Wisconsinites,” 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 doses – just to afford the medicines they need to live. This is wrong, and Wisconsinites deserve better. That's why I voted for the Inflation Reduction Act – to provide real relief to Wisconsin families and hold big pharma 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 pricing negotiations.

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