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Ohioans are starting to get much-needed relief from health care and prescription costs, thanks to President Biden’s Inflation Reduction Act (IRA).
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LOWER PRESCRIPTION DRUG AND HEALTH CARE COSTS
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Passed with Ohio Senator Sherrod Brown’s leadership just over a year ago, the IRA caps out-of-pocket prescription expenses, limits monthly insulin costs to $35 for Medicare recipients, and allows Medicare to negotiate directly with drug companies to reduce prescription medication costs. In this issue of In Union, we dive deeper into the IRA to examine how the legislation makes health care more affordable for Ohio’s working families and seniors.
“The Inflation Reduction Act finally took on the drug companies and lowered drug prices for Americans on Medicare. For years I’ve led efforts to allow Medicare to negotiate directly with drug companies for lower prices. We finally got it done…” Senator Sherrod Brown Op-ed, Ashland Source, 4/14/2023
REAL PEOPLE. REAL STORIES ABOUT HEALTH CARE AND PRESCRIPTION DRUG COSTS.
Ginny B. lives with LEMS syndrome and relies on a drug that costs hundreds of thousands of dollars a year. She used to worry about how she would afford this life-saving medication. But thanks to the IRA’s provision capping out-of-pocket prescription drug costs for Medicare beneficiaries, soon Ginny and others like her won’t pay a dime over $2,000 per year for their prescriptions.
The Inflation Reduction Act has eliminated vaccine copays for Medicare recipients, enabling seniors like Susan R. to afford long-awaited vaccinations. As a senior on a fixed income, the $400 copay for the shingles vaccine had been cost-prohibitive. “But I was relieved to see I could get it at no cost after the Inflation Reduction Act passed. It’s been a major blessing to get the shingles vaccine with no copay; this is a life-changing policy.”
Source: invest.gov Source: CAP Action
Making Prescription Drugs More Affordable The Inflation Reduction Act (IRA) aims to reduce prescription drug costs in several ways, including by allowing Medicare to negotiate prices directly with pharmaceutical companies. This was a vital component of the legislation for both President Biden and Senator Brown. •
Drug price negotiation is a game-changer. For decades, the pharmaceutical industry has put profits ahead of patients struggling to afford needed medications. Finally, Medicare can negotiate directly with drug companies for lower prices.
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Improving access to medications at affordable prices. The first round of negotiations will include 10 of the most expensive, commonly-prescribed drugs, which cost $50.5 billion—nearly 20% of the total Medicare prescription drug costs in one year.
Drug Name
Commonly Prescribed For
Eliquis
Prevention and treatment of blood clots; Reduction of risk for stroke
Jardiance
Diabetes
Xarelto
Prevention and treatment of blood clots; Reduction of risk for stroke
Januvia
Diabetes
Farxiga
Diabetes; Heart failure; Chronic kidney disease
Entresto
Heart failure
Enbrel
Rheumatoid arthritis; Psoriasis; Psoriatic arthritis
Imbruvica
Blood cancers
Stelara
Psoriasis; Psoriatic arthritis; Crohn’s disease; Ulcerative colitis
Fiasp & NovoLog
Diabetes
Sources: CNBC, 8/10/2023; CAP Action, 8/30/2023
Ohio U.S. Senator Sherrod Brown was a strong supporter of the Inflation Reduction Act. Want to see how your member of Congress voted? Visit clerk.house.gov/Votes/2022420 to look them up for yourself.
OHIO HEALTH CARE SAVINGS BY THE NUMBERS: •
Nearly 687,000 Ohioans will save an average of $451 a year from the annual cap on out-of-pocket costs for prescription drugs.
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The $35-per-month cap on insulin costs provides savings to nearly 140,000 Ohio seniors.
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With subsidies from the IRA that reduce costs, 55,000 Ohioans can afford health care coverage.
Sources: Specialty Pharmacy Continuum, 7/12/2023; Kaiser Family Foundation, 7/28/2022; Mira, 10/7/2022
Senator Sherrod Brown worked with other Senate leaders to ensure the Inflation Reduction Act included provisions to lower Medicare beneficiaries’ costs for Part B medications—and they are already seeing results. The IRA requires that drug companies pay rebates if their price increases exceed the rate of inflation. Currently, there are 34 prescription drugs eligible for a rebate, saving Part B beneficiaries up to $618 per average dose. Senator Brown, having worked for years to reduce Ohioans’ prescription drug costs, is proud of what this legislation accomplishes. “Big Pharma fought us every step of the way, but today we’re finally taking a major step forward in lowering prescription drug costs for Ohioans and making sure that older Ohioans can both afford their lifesaving medications and keep more of their hard-earned money for retirement,” Brown said.
Sources: kiplinger.com, 9/18/2023; cleveland.com, 8/29/2023
Senator Sherrod Brown Proposes Bipartisan Legislation to Lower Out-Of-Pocket Prescription Drug Costs for Seniors “[Senator Brown and other leaders introduced] legislation called the ‘Share the Savings with Seniors Act’ that would require pharmacy benefit managers and insurers to pass on all savings they negotiate on the list price of a chronic condition drug to the patient. ‘Because of corporate greed, prescription drugs are some of the most overpriced goods many Ohio families are forced to pay for each month,’ Brown said in a statement. ‘Our bill will help lower costs for patients with chronic conditions by allowing patients to share in the savings that result from deals cut between Big PhRMA and corporate middlemen.’” Source: cleveland.com, 8/1/2023
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Paid for by In Union USA (www.inunionusa.com) and not authorized by any candidate or candidate’s committee.
In Union is a project supported by a group of unions. We’ll provide you with research on issues that affect working people’s lives, examine the records of elected officials on those issues, and give you ways to hold your elected representatives accountable. In Union is not affiliated with, does not take contributions from, and does not make contributions to any candidates or political parties. For more information, please visit www.inunionusa.com.
SENATOR SHERROD BROWN JOINS STRIKING UAW WORKERS IN STREETSBORO
Senator Sherrod Brown again sends a clear message of support for unions and working people.
Source: WTVG, 9/20/2023
“These companies forced these workers to do major givebacks more than a decade ago, then these companies have become immensely more profitable, $12 billion in profits just this year for Stellantis… [the auto company CEOs are] making 365 times what the average worker makes, so they’ve gotta come to the table and negotiate in good faith and understand, they owe these workers a whole lot for keeping this company alive.” —Senator Sherrod Brown Source: WTVG, 9/20/2023
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