WH touts Inflation Reduction Act driving dip in Insulin prices, announces list of 27 medications that will be required to give rebates
DELMARVA – The White House is touting the inflation reduction act as the driver behind yet another insulin manufacturer slashing its costs ahead of a $35 cap imposed by the Inflation Reduction Act.
A White House Assistant Press Secretary Kevin Munoz tells us Novo Nordisk is the latest company to drop its prices, following the lead of Eli Lily, as the manufacturers drop prices for all consumers, even as the inflation reduction act only applies to Medicaid recipients.
The White House says the Inflation Reduction Act also allows for Medicaid to negotiate rates from insurance providers as well as requiring rebates through the HHS for 27 drugs they say have had price hikes that outstrip inflation.
They say that as the Biden Administration continues its pressure on pharmaceutical companies, they are finding it harder to justify the high prices they have been charging Americans.
“Insulin costs around ten dollars to produce, but in some cases you could be paying tenfold only in the United States is that an issue and that is because for decades, has given the pharma companies a lot of weight. That was unacceptable to the President, especially for seniors,” Munoz said.
They say thanks to the measure 3.4 million seniors and disabled people are likely to save an average of $70 per year. For more information, you can visit the Health and Human Services website by clicking here.