Senator Dick Durbin praised the Biden-Harris Administration for its efforts to significantly reduce prescription drug costs for seniors through the Inflation Reduction Act.
Speaking on the Senate floor, Durbin highlighted that Medicare has negotiated lower prices for 10 of the most expensive and commonly used drugs, saving seniors up to 79% on medications such as Januvia, Xarelto, and Eliquis.
This historic move is expected to save nine million Medicare enrollees a total of $1.5 billion annually, with over 280,000 Illinois residents benefiting directly.
Durbin pointed out that prior to the Act, Medicare was blocked from negotiating drug prices, a barrier that the new legislation removed.
The result is not only price reductions but also caps on insulin costs at $35 per month and free vaccines for seniors.
Additionally, starting in 2025, out-of-pocket costs for Medicare recipients will be capped at $2,000 annually.
Durbin emphasized the contrast between the Biden administration’s actions and former President Trump's unfulfilled promises to lower drug prices.
He also criticized Republican opposition to the legislation, noting that Big Pharma and their political allies are still attempting to repeal these crucial savings.
Durbin stressed that no one should have to choose between affording their medications and their health.
