A BFD: Finally Medicare will be able to negotiate Prescription Drug Prices with Big Pharma

[speak easy]

Last edited Thu Jul 28, 2022, 06:13 PM - Edit history (1)

A one page summary of 'The the Inflation Reduction Act of 2022' is here
https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

• Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000
• Lowers ACA health care premiums for millions of Americans [funded through to 2026]

The Medicare changes will save the budget $288 billion over ten years.

An analysis of the Bill by Maxine Joselow is here
https://www.washingtonpost.com/politics/2022/07/28/what-what-out-manchin-surprise-climate-deal/

What's in and what's out of [the] surprise climate deal

After weeks of on-again, off-again negotiations, Sen. Joe Manchin III (D-W.Va.) shocked much of Washington on Wednesday by announcing he had reached a long-sought agreement with Senate Majority Leader Charles E. Schumer (D-N.Y.) on significant new spending to combat climate change and bolster clean energy production, Maxine reports with our colleagues Tony Romm, Jeff Stein and Rachel Roubein.

While the new agreement, dubbed the Inflation Reduction Act of 2022, would make some concessions to Manchin on fossil fuel production, it still represents the largest piece of climate legislation in the nation's history.

“This is the most significant action we’ve taken on climate, that we will take on climate and clean energy, ever,” said Sen. Tina Smith (D-Minn.), one of Congress's most vocal climate hawks.

... the package would cut America's greenhouse gas emissions by roughly 40 percent by 2030, according to a one-page summary. That would bring the nation substantially closer to President Biden's goals of cutting emissions in half by 2030 and reaching net-zero emissions by 2050.

• In: Tax credits for electric vehicles
• In: Tax credits for clean energy
• In: Methane reduction program, green bank
• Out (for now): Reform of rules governing pipelines and infrastructure
[not possible via budget reconciliation]
• Out:The Clean Electricity Performance Program
[which would punished electric utilities that didn't deploy more clean energy]

[wryter2000]

1. Is Sinema going to go for this?

Anyone know?

[TheRealNorth]

5. Thats what i was wondering

I bet the pharmaceutical lobbyists are going all-out to try to buy Sinema's vote.

[dchill]

2. This is massive when considering the forces...

...arrayed against it. Kudos to Senate Dems!

[LaMouffette]

3. Manchin must've realized that he had better pretend to be a Democrat for a little while or his cover

will be blown.

[badhair77]

4. This is huge, especially if my med is covered.

Is patent was extended till 2026 from 2023. Then they’ll probably get another extension.

[Hermit-The-Prog]

6. Go Dems! About time to have Medicare able to negotiate for better prices.