The new Inflation Reduction Bill has gained the status of an Act on President Joe Biden’s Signature. The Act aims to cut down on the prices of prescription medication.
Millions of American citizens will benefit from the Act as it will reduce the costs of crucial drugs like cancer medication, blood thinning medication, medication for diabetes, and the like.
Americans have been witness to sky-high prices for prescription drugs. This has led to the delay in re-stocking or even purchasing necessary medication.
A report by KFF( the Kaiser Family Foundation) has stated that one out of every two American Adults has experienced difficulty in affording prescription drugs.
The piece of new legislation has enabled the government to bring down the costs of even the most expensive medication. Monthly expenditure on insulin for senior citizens has been brought down to $35. Coverage under the Affordable Care Act commonly known as Obamacare has been extended.
Vaccination is to be provided free of cost to senior citizens.
As for the people availing of Medicare, they are to enjoy the maximum benefits out of the provisions of this Act. The Act provides the federal government with the opportunity to negotiate the prices of medication to that Medicare devotes most of its expenditure.
Drug manufacturers and marketers who do not wish to negotiate with the federal government are to face tax penalties.
However, citizens availing of Private Insurance have been excluded from the purview of this Act.
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