BUFFALO, N.Y. — Rep. Brian Higgins and representatives from AARP New York, Erie County Medical Center and other health care associations came together Friday to explain the details of the new provisions in the Inflation Reduction Act that allows those on Medicare to save on prescription drug prices.
"It will empower Medicare to negotiate drug prices with the drug providers toward the goal of cutting costs and increasing quality," Higgins, (D) 26th Congressional District, said.
Higgins says under the Inflation Reduction Act, those enrolled in Medicare will have a $2,000 cap on annual out-of-pocket prescription drug costs and a cap of $35 per month for insulin costs.
"Insulin has been particularly costly for those who are diabetic and very, very costly,” said Higgins. “Reducing that to $35 a month is a significant relief to them. That represents the beginning.”
Higgins says that start will result in negotiating down the cost of other prescription drugs as well. Dr. Ajay Chaudhuri, co-chair of the American Diabetes Association Community Leadership Board, says lower prescription drug prices is crucial.
"There are people who have worked all their life, and suddenly they find themselves having to choose between food and essential medications,” said Chaudhuri. “And it's very difficult for me to look at them in their eye and say, ‘well, we need to do something.’ I think this is historic.”