President Joe Biden (right) and U.S. Sen. Bernie Sanders celebrated the success of the Inflation Reduction Act on Oct. 22 in Concord. Courtesy photo

CONCORD – During his Oct. 22 visit to NHTI – Concord Community College, President Joe Biden announced that the Inflation Reduction Act saved Medicare enrollees about $1 billion in prescription drug costs between January and June.

“Prescription drug costs are so damn high,” he said.

No stranger to Big Pharma, Biden said he has been fighting the drug companies since he was a U.S. senator. However, it was an even tougher fight in those days.

“We were told we couldn’t touch them, they had an exemption,” said Biden.

Despite stiff opposition from Republican congressional leaders, the Inflation Reduction Act was signed into law in August 2022.

“It’s a law that Democrats passed,” said Biden. “Not a single Republican voted for this, not one.”

During that time, he said Big Pharma executives spent $400 million to stop the legislation from moving forward.

“It was a hell of a fight,” said Biden. “Big Pharma doesn’t play by the rules.”

Biden also said one in 10 Americans have diabetes. Although it only costs $10 to manufacture insulin, the pharmaceutical companies have been selling it for $400, putting it out of reach for many families.

“Imagine having to look at your child and say: “honey, I’m sorry,’” he said. “What does that do to a parent when you can’t provide something?”

However, during the past two years, the Inflation Reduction Act has taken power away from Big Pharma and allowed Medicare to negotiate lower prices.

For those on Medicare, a month’s supply of insulin is currently no higher than $35. Thirteen million Americans are also saving an average of $800 on monthly health insurance premiums. As of Jan. 1, 2025, yearly out of pocket expenses will stop at $2,000 for Medicare prescriptions. This measure is expected to produce an average savings of $400 per year for 19 million seniors.

In addition, Biden said 21 million Americans are covered under the Affordable Care Act. Yet, during the past year, GOP leaders made 51 attempts to repeal it.

Biden briefly called attention to Republican presidential candidate Donald Trump, saying that if Trump is elected, Social Security and Medicare would be eliminated.

“I have a better idea, let’s protect Social Security and Medicare,” said Biden.

He also referred to the answer Trump provided about healthcare during the Sept. 10 presidential debate, at which time Trump said he had “concepts of a plan.”

“Concepts of a plan, this guy doesn’t have a concept of anything,” said Biden.

U.S. Sen. Bernie Sanders (I-Vt) said that prior to the Inflation Reduction Act, there were merely discussions about bringing down the cost of prescription drugs.

“The good news is that President Biden and Vice President (Kamala) Harris, with the help of Democrats in Congress, have acted to take on the unprecedented greed of the prescription drug industry,” he said. “For the first time in history, Medicare is negotiating to lower the prices of some of the most expensive prescription drugs in America.”

With prescription drug costs so high, Sanders said many Americans are forced to buy “copycat” drugs that have not been approved by the U.S. Food and Drug Administration.

“That is unacceptable and we are going to make that change,” he said. “The American people are sick and tired of paying the highest prescription drug costs in the world.”

Looking ahead, Sanders said America’s prescription drug costs need to be similar to those in Europe and Canada, adding that the prices in Canada are one-tenth of the prices in the U.S.

Although additional work is needed, progress continues to be made. Sanders said that by 2026, the cost of Januvia will be reduced by 79 percent. Sclera will be reduced by 66 percent and Eliquis will be reduced by 56 percent.

U.S. Sen. Maggie Hassan (D-NH) said New Hampshire seniors on Medicare have saved $17 million on their prescriptions.

“Our efforts are making a difference for Granite Staters,” she said. “We put seniors first, not Big Pharma.”

U.S. Sen. Jeanne Shaheen (D-NH) lauded the Biden-Harris Administration for bringing the legislation to fruition.

“It is corporate greed that has made insulin unaffordable,” she said, adding that her granddaughter was diagnosed with Type 1 diabetes when she was eight years old. “President Biden and Vice President Harris have overseen massive, historic reform.”