As a senior citizen who has witnessed the ever-increasing burden of medication costs over the years, I can’t help but applaud the recent historic announcement from the Biden-Harris administration. The selection of the first 10 medications for Medicare Price Negotiation is a monumental step towards making life-saving drugs more affordable for millions of Americans.
These not just any drugs; they are the costliest ones for people on Medicare. It’s staggering to think that around nine million seniors spent over $3.4 billion in out-of-pocket costs on these drugs alone in 2022. These medications address some of the most common and critical diseases like diabetes, heart disease, arthritis, blood clots, and various cancers. In 2022, seniors had to bear over $6,000 in out-of-pocket costs annually for just one of these essential medications. This financial burden has been unbearable for countless seniors and their families.
For far too long, major pharmaceutical corporations have wielded their power to block Medicare from negotiating directly with drug companies. Meanwhile, they raked in record-breaking profits, often at the expense of the American people’s health and well-being. But under this presidential administration, these days of unchecked corporate greed are coming to an end.
The significance of this action cannot be overstated. Millions of Americans will now have access to negotiated drug prices, eliminating the heart-wrenching choice between paying for essential medications and basic needs like housing. This move is a testament to the administration’s unwavering commitment to lower costs for middle-class and working families and to make healthcare more affordable for all.
Let’s not forget additional work done to cap the cost of insulin at $35 a month and limit the annual cost of prescription drugs to $2,000 for Medicare beneficiaries. These measures are life-changing for seniors like me who rely on these medications to maintain our health and well-being.
Let’s examine the specifics of these selected medications. Eliquis, a life-saving medication preventing blood clotting and reducing the risk of stroke, is made by Bristol-Myers Squibb, a corporation that reported more than $11.8 billion in revenue from Eliquis in 2022. Yet, on average, Medicare enrollees were forced to spend $441 out-of-pocket annually on Eliquis. This discrepancy between corporate profits and patients’ expenses is exactly what this administration aims to rectify.
The story is similar for other crucial drugs like Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and various insulins. These medications are lifelines for countless Americans, yet their prices have been out of reach for too many for far too long.
Finally, I stand firmly in support of the Biden-Harris Administration’s bold move to tackle the exorbitant cost of medications. It’s a lifeline for seniors like me, and countless others, who have struggled to afford the drugs necessary for our health and well-being. This is not just a policy change; it’s a life-saving promise fulfilled, and it gives us hope for a healthier and more affordable future.
McInnis studied Education and Sociology at the University of Puerto Rico and worked as a teacher in on the island and in the U.S. for many years.
