Statement by Vice President Kamala Harris on Americans Saving Nearly $1 Billion on Prescription Drugs Thanks to the Inflation Reduction Act
Today, the Biden-Harris Administration announced that Americans have saved nearly $1 billion on prescription drugs since the Inflation Reduction Act was signed into law in August. This landmark legislation is delivering lower drug costs for families across the country, and it is just one example of how the Biden-Harris Administration is fighting to lower costs for the American people.
The Inflation Reduction Act is making a real difference in the lives of Americans. Seniors are saving an average of $1,400 per year on their prescription drugs, and families are saving hundreds of dollars per year. This is real money that people can use to put food on the table, pay their bills, or save for the future.
The Inflation Reduction Act is also making prescription drugs more affordable for people with Medicare. For the first time ever, Medicare is now able to negotiate lower drug prices, which will save seniors and taxpayers billions of dollars in the years to come.
The Biden-Harris Administration is committed to lowering costs for the American people. The Inflation Reduction Act is a major step forward in that fight, and we will continue to work to make prescription drugs and other essential healthcare services more affordable for everyone.
Here are some additional details about the savings Americans are seeing under the Inflation Reduction Act:
- Seniors with Medicare Part D have saved an average of $1,400 per year on their prescription drugs.
- Families with private health insurance have saved an average of $300 per year on their prescription drugs.
- The Inflation Reduction Act has also helped to lower the cost of insulin. Seniors with Medicare Part D have saved an average of $40 per month on their insulin costs.
The Inflation Reduction Act is a major victory for the American people. It is delivering lower drug costs, and it is making prescription drugs more affordable for people with Medicare. The Biden-Harris Administration is committed to continuing to fight to lower costs for the American people.
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