Pending Government Drug Pricing Will Harm Seniors’ Care And Budgets

Forbes August 12, 2024
Sally Pipes

Any day now, the Biden administration will publish the prices it has set for ten drugs covered by Medicare’s Part D prescription drug benefit.

These price controls will provide “meaningful financial relief for millions of people with Medicare,” administration officials say.

Many seniors are about to see just how false that promise is. Millions of beneficiaries won’t see a nickel in relief at the pharmacy counter. In fact, their costs will go up.

The IRA’s price-setting provisions were designed to “lower the unaffordable price of prescription drugs” and allow the government to “[stand] up to Big Pharma,” President Joe Biden and Sen. Bernie Sanders, I-Vt., wrote in July.

But the IRA is simply shifting costs around, not making them disappear.

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