Drug Pricing Solutions in Inflation Reduction Act of 2022 Will Help Crack Down on the Pharmaceutical Industry’s Egregious Practices, Deliver Relief for American Patients
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Sunday on the U.S. Senate passage of the Inflation Reduction Act of 2022. CSRxP has been a longtime advocate for several provisions included in the legislation, including keeping Big Pharma’s price hikes below the rate of inflation and capping out-of-pocket prescription drug costs for Medicare beneficiaries.
“CSRxP applauds Majority Leader Schumer and Members of the Senate for taking a major step toward holding Big Pharma accountable and lowering prescription drug prices for the millions of Americans who face financial uncertainty affording their medications,” said CSRxP executive director Lauren Aronson. “Despite Big Pharma spending tens of millions of dollars on debunked, hyperbolic claims opposing these solutions, Congress is closer than ever to delivering significant results on long overdue promises to lower drug prices.”
“This legislation reflects several CSRxP priorities that have previously won bipartisan support, including solutions to keep Big Pharma’s price hikes below the rate of inflation, deliver relief for America’s seniors by capping their out-of-pocket drug costs and hold the pharmaceutical industry accountable for egregious pricing practices and anti-competitive tactics designed to undermine more affordable alternatives and keep prices high,” Aronson continued. “We encourage the House to swiftly take up and pass these solutions so the President can sign them into law.”
“Congress should not stop there,” Aronson said. “Lawmakers should continue to work for more market-based solutions that deliver competition, choice and lower costs for consumers.”
Read more on CSRxP’s longstanding support for drug pricing solutions included in the Inflation Reduction Act of 2022 — and their history of bipartisan support — HERE and HERE.
Read more on why Big Pharma’s latest round of advertising opposing drug pricing solutions doesn’t hold up to scrutiny HERE.
Read about Big Pharma’s most recent major round of price hikes, including more than 100 increases on brand name drugs in the first week of July 2022 HERE.
Read more about Big Pharma’s latest round of earnings reports that topped Wall Street analysts’ expectations after continued price-gouging HERE.
Learn more about solutions to hold Big Pharma accountable and lower prescription drug prices HERE.