Rep. Barragán with President Biden & Vice President Harris for Lower Prescription Drug Price Announcement

LARGO, MD — Rep. Nanette Barragán (CA-44) joined President Joe Biden and Vice President Kamala Harris Aug 15 for their announcement of the first negotiated drug prices under Medicare through the Inflation Reduction Act, passed by Democrats and signed by President Biden two years ago.

In a historic first, the Inflation Reduction Act allows Medicare to negotiate prescription drug prices directly with drug companies for the first time, similar to the U.S. Department of Veterans Affairs and other federal agencies that already negotiate drug prices. The new prices for the first 10 drugs selected for negotiation will take effect in Medicare beginning in 2026.

“Two years ago, President Biden, Vice President Harris, and Democrats in Congress delivered on our promise to start lowering prescription drug costs for Americans,” said Rep. Barragán. “The Inflation Reduction Act ,for the first time, gave Medicare the power to reduce the skyrocketing price of prescription drugs that disproportionately impact low-income communities and communities of color. The negotiated drug prices announced today will help millions of Americans afford their medication for diabetes, cancer, heart failure and much more. In the first year alone, this will mean $1.5 billion in out-of-pocket savings for older Americans and people with disabilities who depend on these life saving medications, including over 800,000 Californians. I was proud to join President Biden and Vice President Harris in Maryland today to celebrate this historic accomplishment, made possible by Democrats in Congress. We will continue to fight to lower costs for American families everywhere.”

The new prices of the ten drugs announced today are: