PISCATAWAY – Lowering drug prices was once a very bipartisan concern.
No more.
The Inflation Reduction Act, which passed with total Democratic support in 2022, among other things, allowed Medicare to negotiate drug prices.
This had been a Republican goal as well, but not in these polarizing times. Another problem was that the act included climate change initiatives Republicans opposed.
Now it’s more than two years later and Democrats are hyping the unfolding benefits of the legislation.
Rep. Frank Pallone, whose Sixth District includes parts of Middlesex and Monmouth counties, did precisely that during a Monday morning visit to a local senior citizens center.
Pallone was so enthused, he talked about dancing. Sort of.
The 2022 legislation created a system in which a roster of drugs are subject to price negotiations each year. The first drug covered was insulin and that price has already been reduced to $35 per month for those on Medicare and also for many who have private insurance.
One of the 10 drugs now subject to negotiations between Medicare and the pharmaceutical industry is Jardiance, which treats diabetes and other ailments.
Pallone referred to a TV commercial for the drug that features a group of people dancing up a storm.
Perhaps with good reason.
Pallone noted that the price of Jardiance is now $573 for a 30-day supply. But negotiations have lowered that price to $197. The new price for Jardiance and the other drugs most recently negotiated takes place in 2026.
Nothing happens quickly in government, but the overall point is that the cost of many prescription drugs is systematically being reduced.
“This is a significant moment in our fight to lower prescription drug costs,” said Pallone. “I worked closely with President Biden to ensure Medicare drug price negotiations were included in the Inflation Reduction Act, and now, millions of seniors in New Jersey and across the country will finally see the benefits. But we can’t stop here – my legislation will ensure that everyone, no matter their insurance, can benefit from lower drug prices.”
His bill would extend the savings for Medicare recipients to those covered by private insurance. Pallone acknowledged his bill won’t pass unless Democrats control Congress and Kamala Harris wins the presidency.
It’s also true that some of this can happen without legislation.
Pallone pointed out that some drug companies have already lowered the cost of insulin to $35 a month for everyone. That’s because many private insurance companies are willing to pay only the Medicare negotiated price.
Another benefit of the bill is a $2,000 a month cap on prescriptions for seniors that takes effect next year.
Clearly, Pallone and fellow Democrats want to make sure voters know what they are doing to reduce drug costs.
State Sen. Robert Smith, who attended the event, was looking ahead. He surmised that no one was going to be asleep on Nov. 5. And he urged voters:
“Do the right thing for yourself.”
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Congressman Frank Pallone has been actively involved in a new initiative aimed at reducing drug costs for Americans. The initiative, known as the “Pallone Zone,” is a comprehensive plan that seeks to address the rising costs of prescription drugs and make medications more affordable for all Americans.
Pallone, who serves as the Chairman of the House Energy and Commerce Committee, has long been a champion for healthcare reform and has made it a priority to tackle the issue of high drug prices. The Pallone Zone is the latest effort in his ongoing fight to make healthcare more accessible and affordable for all Americans.
The Pallone Zone includes a number of key provisions aimed at reducing drug costs. One of the main components of the plan is to allow Medicare to negotiate drug prices directly with pharmaceutical companies. Currently, Medicare is prohibited from negotiating drug prices, which has led to inflated costs for many medications. By allowing Medicare to negotiate prices, the Pallone Zone aims to lower drug costs for seniors and other Medicare beneficiaries.
In addition to allowing Medicare to negotiate drug prices, the Pallone Zone also includes provisions to increase transparency in drug pricing, promote the use of generic medications, and crack down on price gouging by pharmaceutical companies. These measures are designed to create a more competitive marketplace for prescription drugs and ensure that Americans have access to affordable medications.
Pallone’s involvement in the Pallone Zone demonstrates his commitment to addressing the high cost of prescription drugs and making healthcare more affordable for all Americans. By working to lower drug costs and increase transparency in drug pricing, Pallone is taking concrete steps to improve the health and well-being of millions of Americans.
