skip to main content
skip to newscasts

Monday, September 25, 2023

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Federal judge blocks AZ law that 'disenfranchised' Native voters; government shutdown could cost U.S. travel economy about $1 Billion per week; WA group brings 'Alternatives to Violence' to secondary students.

view newscast page
play newscast audioPlay

Senator Robert Menendez offers explanations on the money found in his home, non-partisan groups urge Congress to avert a government shutdown and a Nevada organization works to build Latino political engagement.

view newscast page
play newscast audioPlay

An Indigenous project in South Dakota seeks to protect tribal data sovereignty, advocates in North Carolina are pushing back against attacks on public schools, and Arkansas wants the hungriest to have access to more fruits and veggies.

Biden’s Medicare Move Projected to Lower Drug Prices, Federal Deficit

play audio
Play

Tuesday, October 18, 2022   

Over the next 10 years, some 64 million people on Medicare, and American taxpayers, will save $100 billion, thanks to provisions in President Joe Biden's Inflation Reduction Act, which once again allows Medicare to negotiate prices with drug companies.

Todd Stubbendieck, state director for AARP Nebraska, said it is something the Department of Veterans Affairs has been doing for years, saving taxpayers billions of dollars.

"For years Big Pharma has had a blank check," Stubbendieck asserted. "Whatever they said the cost was, was what Medicare had to pay. Medicare is a big customer when it comes to buying prescription drugs. This finally allows them to bring down those prices."

Just as Costco or Sam's Club leverages their buying power to lower prices for customers, Stubbendieck explained Medicare will be able to do the same thing. Industry groups have criticized the move, claiming its current pricing structure provides research-and-development funds, which have produced groundbreaking new medicines.

AARP and other groups had been working to reverse a law passed by Congress two decades ago which blocked Medicare from negotiating prices, but were unable to overcome powerful lobbying efforts. Big Pharma spends $233 million a year to get lawmakers to vote their way.

Stubbendieck is not convinced drug-company pricing has been linked to research and development costs.

"I think that argument would hold a lot more water if American consumers were paying the same prices for drugs that folks around the world were paying," Stubbendieck contended. "American seniors are paying two to three times the cost for these drugs as people in other countries."

Medicare provisions in the Inflation Reduction Act are projected to reduce the federal deficit by $237 billion. The cost of insulin will be capped at $35 per month, and drug companies will have to pay rebates if prices rise faster than inflation. Out-of-pocket costs for older Americans will also be capped at $2,000 per year.

Disclosure: AARP Nebraska contributes to our fund for reporting on Budget Policy & Priorities, Consumer Issues, Health Issues, and Senior Issues. If you would like to help support news in the public interest, click here.


get more stories like this via email
more stories
Peter Sussman is among three patients with disabilities who have asked to intervene in a lawsuit challenging California's End of Life Option Act. (Nancy Rubin)

Health and Wellness

play sound

California's medical aid-in-dying law is back in court. Three patients with disabilities and two doctors are asking to intervene in a lawsuit …


Environment

play sound

A new federal jobs program aims to mobilize tens of thousands of young Americans to address the growing threats of climate change. The American …

Social Issues

play sound

Little Priest Tribal College in Winnebago says its student body and campus are growing - and so are its options for people to study in STEM fields…


The Student Assistance Program in some Ohio schools connects students with tools in order to remove obstacles to learning, and is now incorporating mental-health resources. (Rosalie Murphy/Kent State NewsLab).

Health and Wellness

play sound

By Nathalia Teixeira for Kent State News Lab.Broadcast version by Nadia Ramlagan reporting for the Kent State-Ohio News Connection Collaboration…

Social Issues

play sound

Maine's new Office of Affordable Health Care holds its first public hearing this week, and people are being strongly encouraged to participate…

According to the Prison Policy Initiative, about one in five of the young people held in juvenile facilities is awaiting trial and has not been found guilty or delinquent. (Adobe Stock)

Social Issues

play sound

The number of children locked behind bars in Alabama has declined, but their advocates said more needs to be done to create alternatives to …

Social Issues

play sound

This coming Saturday, North Dakotans will get a chance to see how election workers go to great lengths to ensure a safe and secure voting process…

Environment

play sound

Scientists at Purdue University have been experimenting to create adhesives designed to be easier on the environment. So many products from …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021