As of October 1, drug companies will now be charged a penalty when they raise drug prices faster than the rate of inflation
Friday, October 7, 2022
MADISON, Wis.—According to Forbes and Protect Our Care, this week the first health care provision in the Inflation Reduction Act took effect, an important step to deliver lower costs to Wisconsin workers and families. As of October 1, 2022, drug companies will now be charged a penalty when they raise drug prices faster than the rate of inflation. In recent years, Wisconsinites have been paying three times more than people in other countries for the same prescription drugs. Just last week, the Department of Health and Human Services found that drug companies hiked prices more than the rate of inflation on over 1,200 medications.
Meghan Roh, Opportunity Wisconsin Program Director:
“Thanks to our elected leaders like President Biden and Senator Baldwin, this week prescription drug prices will come down and patients will be able to breathe a little easier. And despite efforts from folks like Senator Ron Johnson, the historic Inflation Reduction Act is set to make health care more affordable, accessible, and equitable for Wisconsin workers and families.”
Read more from the Wisconsin Examiner
Under The Inflation Reduction Act:
29,610 Medicare Part D enrollees in Wisconsin who experienced out-of-pocket costs over $2,000 in 2021 will now have their prescription drugs capped at $2,000 per year.
Wisconsinites on Medicare will be protected from Big Pharma’s arbitrary price hikes that raise drug prices faster than inflation.
80 prescription drugs will have Medicare price negotiation by 2030.
58,965 Wisconsinites on Medicare will have insulin copays capped at $35 per month.
187,555 Wisconsinites will save on monthly health insurance premiums.
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