15 Mar President Biden Details Bold Plan to Cut Prescription Drug Costs for Nevada Families
FOR IMMEDIATE RELEASE: March 15, 2023
Contact: Will Pregman, wpregman@battlebornprogress.org, 702.752.0656
President Biden Details Bold Plan to Cut Prescription Drug Costs for Nevada Families
LAS VEGAS, NV – Today, President Joe Biden gave a speech on his FY23-24 budget, specifically his plan for lowering costs on prescription drugs. Following the significant first steps taken by under the Inflation Reduction Act to cap insulin and introduce drug price negotiations, the President spoke on his proposed budget which grows and strengthens many of these initiatives.
“President Biden’s plan to reduce prescription drug costs is important and necessary, and we are thankful for his visit to Nevada today to speak on an issue that concerns thousands of families in our state. The State Legislature must also do its part and pass legislation to ensure that all Nevadans can afford the medications they need – without rationing or forgoing other necessities,” said Annette Magnus, Executive Director of Battle Born Progress.
“Thanks to President Biden signing the Inflation Reduction Act into law last summer, several thousands of Nevadans are seeing their drug costs coming down. This includes 390,000 Nevadans with Medicare Part D who will see out-of-pocket pharmacy costs capped at $2,000 per year, starting in 2024, 22,000 Nevada Medicare beneficiaries who use insulin, which will be capped at $35 a month starting this year, about 4,400 Nevada low-income Medicare beneficiaries who qualify for expanded benefits under Extra Help, and some 28,000 Nevada Medicare beneficiaries who will receive $0 cost-sharing on vaccines under a Part D plan. On top of all of this Medicare was finally given the authority to negotiate drug prices with Big Pharma companies, to help drive down costs across the board.
“However, as the President noted, we aren’t done yet. That’s why he’s called on Congress to finish the job and cap insulin costs for all Americans. Additionally, the President’s proposed budget is calling to expand Medicare negotiations to include more types of drugs and start the negotiation process for new drugs earlier. The budget also includes limits for Medicare Part D cost-sharing for high-value generic drugs to no more than $2, supplemental drug rebates through Medicaid and CHIP, and finally, to cap the prices of insulin products at $35 for a monthly prescription.
“We were thrilled to hear about these plans in more detail today, and we ask that all members of Nevada’s congressional delegation come together to support President Biden’s plan to rein in prescription drug costs for Nevada families. It’s a breath of fresh air to have a president willing to stand up for the American worker against Big Pharma, but we need Congress to act. Additionally, we hope Governor Joe Lombardo and the Nevada legislature pay close attention to the President’s remarks today, and do what is in their own power to lower costs for Nevadans struggling to afford their life-saving prescriptions.”
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