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Build Back Better Act aims to lower prescription costs – Kansas City, Missouri

Kansas City, Missouri 2021-12-08 19:44:09 –

President Joe Biden Regain better behavior..

Recently, he focused on the need for insulin to be affordable for millions of Americans with diabetes.

“If you are a paying customer and you have a private health insurance plan, you may not be paying too much for insulin,” he said. Stacy Dusetina, Associate Professor of Health Policy, Vanderbilt University School of Medicine. “If you are uninsured with cash, you may pay thousands of dollars a month for insulin. Therefore, one of the most complicated things is the amount you pay by insurance method.”

Dusetzina states that the Build Back Better Act reduces the cost of prescription drugs in three key ways. First, people aren’t charged more than $ 35 a month at insulin pharmacies. The bill also prevents Medicare people over the age of 65 from paying more than $ 2,000 a year for prescriptions.

“It’s estimated that about 1.5 million people spent above such catastrophic levels in 2019, which means a significant number of people,” said Dusetzina.

In addition, the bill allows Medicare to negotiate drug prices.

Paul GinsbergA professor of health policy at the University of Southern California says Medicare is the first to negotiate in the United States.

“We pay at least twice as much as other high-income countries, I think because the government has never participated in the price negotiation process. As you know, in Europe and Japan. , The government is negotiating drug prices with the manufacturer. We do not. “

According to Gimberg, drug negotiations apply only to a certain number of drugs already on the market, so there is still an incentive to invest in new drugs.

“The new drug under development will have years of freedom to price whatever they want before this negotiation process hits them,” Gimberg said.

President Biden also said the bill would prevent pharmaceutical companies from raising prices without accountability. This is because if a pharmaceutical company raises the price of a drug that is higher than inflation, there will be a tax penalty.

“Production costs are a small part of the price, so limiting price increases to inflation doesn’t really put a strain on manufacturers,” Gimberg said.

The Buildback Better Act has been passed by House. The Senate has not yet voted on the bill.

Build Back Better Act aims to lower prescription costs Source link Build Back Better Act aims to lower prescription costs

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