October 23, 2024 – On Tuesday, Vice President Kamala Harris released a Statement on Americans saving nearly $1 Billion on prescription drugs thanks to the Inflation Reduction Act.

Related: Biden-Harris Administration’s Inflation Reduction Act Saves Medicare Enrollees Nearly $1 Billion in Just the First Half of 2024

All Americans should be able to access the health care they need – no matter their income. That is why our Administration fought to lower health care costs with the Inflation Reduction Act, legislation that I was proud to cast the tie-breaking vote on in the Senate. During the first half of this year alone, we now know that nearly 1.5 million people with Medicare have already saved nearly $1 billion because of our law’s cap on out-of-pocket prescription drug costs. 

Additionally, we have been able to cut prescription drug costs, cap the cost of insulin at $35 a month for seniors, and lower premiums for those on Medicare. Our Administration has also reached unprecedented agreements with pharmaceutical companies to lower prices for the first 10 drugs selected for the Medicare price negotiation program – ten of the most widely used and expensive drugs that treat conditions ranging from cancer to diabetes. And there is still much more to come.

I have seen the impact of fighting to protect patients up close. As Attorney General, I held Big Pharma accountable for their deceptive and illegal practices – winning settlements that amounted to more than $7 billion against pharmaceutical companies for their unsafe and unfair tactics. I will never stop fighting for the health, wellbeing, and financial stability of the American people.

Source: Office of the White House