Senator Hassan Applauds Biden-Harris Administration’s Latest Step Towards Lower Prescription Drug Prices for Seniors

WASHINGTON – U.S. Senator Maggie Hassan applauded the Biden-Harris Administration’s announcement of lower prescription drug prices for seniors on Medicare, which will save seniors an estimated $1.5 billion and taxpayers more than $6 billion. More than 32,000 seniors on Medicare in New Hampshire take the medications that were included as part of the negotiations.

In 2021, Senator Hassan helped push for and pass into law the Inflation Reduction Act, which included provisions taking on Big Pharma and allowing Medicare to negotiate medication prices. The Administration announced today the new Medicare prices for the first 10 prescription drugs negotiated under the law, which will go into effect beginning in 2026. The medications included as part of negotiations treat conditions such as heart and kidney disease and diabetes. Additional details on the medications are below.

“It’s great to hear that in the coming years, seniors will save $1.5 billion annually on out-of-pocket costs on 10 major prescription drugs thanks to our effort to take on Big Pharma by giving Medicare the ability to negotiate for lower prescription drug prices,” said Senator Hassan. “Already we have seen seniors benefit from caps on insulin costs at $35 per month, as well as from eliminating out-of-pocket costs for recommended vaccines like shingles under Medicare Part D. As prescription drug costs drop further for tens of thousands of Granite State seniors, I will continue to work to lower health care costs for Granite Staters and all Americans.”

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