The Biden administration is taking credit for some drug costs going down.
TMJ4's Chief Political Reporter Charles Benson asked Health and Human Services Secretary Xavier Becerra about what's working.
Rising costs for prescription drugs can put on a strain on anyone's budget
"What the President has saidis, that's not fair, " said HHS Secretary Xavier Becerra.
He says there are signs President Biden's Inflation Reduction Act signed last September is already having an impact on some drug costs for people on Medicare.
Sec Becerra: So far, we've identified 27 drugs that we're now going to go through and review to make sure that if they overcharge, we bring that money back to the Medicare program which goes back to the 67 million Medicare recipients.
Benson: Are these commonly used drugs, or are these higher-end, specific type of drugs that are not as widely used?
Sec. Becerra: Most of these are drugs that are, whether it's for cancer, or whether it is for diabetes or renal failure. They are drugs that you don't see used as often, but they do seem to spike quite a bit.
Under the new lawdrug companies that raise prices faster than inflation are required to pay Medicare a rebate to cover the higher costs.
Secretary Becerra says insulin users have already seen a drop in prices after the new law capped costs for people on Medicare.
"The president's push to drive down the cost of insulin to $35 a month or less, for folks on Medicare has now had an impact, said Becerra. "And now we see the three major manufacturers of insulin joining with the President, and saying, we'll bring down the cost of insulin, and in some cases to $35 a month for people who are not on Medicare."
Beccera estimates some seniors in Wisconsin are saving up to $700 a year under the new drug pricing program and that includes free preventive vaccines.
"If you're on Medicare - zero cost now out of your pocket to get that, whether it's the flu vaccine, whether it's the Covid vaccine, or whether it's the shingles vaccine."
No Republicans in Congress voted for the Inflation Reduction Act.
"Biden and Becerra bragging about the so-called 'Inflation Reduction Act' which fails to ease inflation is a slap in the face to Wisconsinites of all ages," said WisGOP Spokesperson Rachel Reisner. "Wisconsin senior citizens are struggling to combat ongoing inflation thanks to the Biden administration's runaway spending agenda."
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