WASHINGTON (March 30, 2024) AIDS Healthcare Foundation (AHF) applauds the Biden administration’s continued efforts to lower prescription drug prices for all Americans. Thanks to the Inflation Reduction Act (IRA), Medicare enrollees and the federal government will benefit from significant savings on 41 prescription drugs from April 1 – June 30, 2024. Multiple provisions in the law bend the prescription drug cost curve down. The U.S. Department of Health and Human Services announced that over 763,000 Medicare beneficiaries will start seeing lower drug prices beginning April 1.
“The Medicare Prescription Drug Inflation Rebate Program, the provision responsible for the much-needed savings, slows the rise of prescription drug increases and shores up the Medicare trust fund. Without the IRA, drug companies could continue price gouging American taxpayers. Simply stated, drug companies can avoid these inflationary rebates by not jacking up prices higher than the rate of inflation,” said John Hassell, AHF’s national director of advocacy.
AHF is confident that the IRA’s drug pricing provisions will continue to reduce Americans’ out-of-pocket costs for prescription drugs and urges the administration to continue its fight against powerful interests that put profits over health outcomes.
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