Stabenow visits Flint to highlight major reforms to lower drug costs

Prescription Drugs
Prescription Drugs(KPTV)
Published: Aug. 10, 2022 at 3:10 PM EDT
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FLINT, Mich. (WNEM) - Senator Debbie Stabenow highlighted major reforms in the Inflation Reduction Act to lower the cost of prescription drugs.

Stabenow was joined by Clarence Pierce, president and CEO of the Hamilton Community Health Network, and Yauschica Aubert, president and CEO of Valley Area Agency on Aging during the press conference in Flint.

“Americans pay the highest prices in the world for their prescription drugs and it’s outrageous! To add insult to injury, taxpayers provide hundreds of billions of dollars in funding for the basic research that brings the new drugs to market. That’s why lowering the cost of life-saving medicine has been a major priority for me for years,” Stabenow said. “I am very proud that my Democratic colleagues joined me in standing up to Big Pharma to get Michiganders and all Americans the help they need so they can afford their medicine.”

The legislation allows Medicare to negotiate prescription drug prices and caps the Medicare out-of-pocket cost of insulin to $35 per month. It also caps Medicare beneficiaries’ out-of-pocket costs at $2,000 per year and allows people to spread their costs over monthly payments.

It also increases help for low-income seniors on Medicare, provides free Medicare coverage of all vaccines, and penalizes drug companies for price hikes in Medicare that exceed the rate of inflation.

“Every day our doctors, nurses, and staff provide high-quality, accessible, and affordable healthcare to our patients, yet many patients struggle to pay for their prescription medications,” Pierce said. “Patients are often forced to choose between purchasing their medication or buying groceries.”