Is Congress Finally Going To Lower Prescription Drug Costs?

Aleksandar Karanov /
Aleksandar Karanov /

President Joe Biden signed the Inflation Reduction Act of 2022 back in August, and despite its name, it included tons of measures that were aimed more at cutting costs, but it won’t hit inflation as hard or directly as the name would insinuate. Instead, the charcuterie board of leftist issues hit a little bit of something for everybody.

One of the most important (and relevant) issues it tackled was the cost of prescription drugs. With more seniors relying on Social Security and even part-time jobs to get by, dropping prescription drug costs was an absolute necessity.

With Medicare finally being allowed to negotiate hyperinflated drug prices, Biden touted this portion of his bill around like a kid with a shiny new fire truck.

“This law finally delivers on a promise that was made for decades to the American people…Seniors are going to pay less for their prescription drugs,” Biden proclaimed, before following it up by stating “13 million people are going to continue to save an average of $800 a year on health insurance.”

These numbers aren’t small, but they also drive home the socialist agenda Biden has been peddling.

However, it raises the question of how Congress might need to get involved going forward.

David McNally is the AARP Director of Government Affairs and Advocacy in New York. He comments, “We won the fight for Medicare to negotiate lower drug prices and help save people money on their medications.” It can be a HUGE savings, especially for diabetics considering that insulin will be capped at $35 a month.

It seems that healthcare costs are finally heading in the right direction. The real question is whether this is something that Biden should be taking credit for.