It’s about giving folks just a little more breathing room. That’s what this is about.
We finally, after all these years, beat Big Pharma when I signed the Inflation Reduction Act to get seniors and taxpayers a better deal.
For years, there’s been no check on how high or how fast Big Pharma can raise drug prices. In the years before we passed this legislation, drugmakers jacked up prices nearly four times faster than inflation went up. And they were already too high.
Let’s call this for what it is: It’s simply — it’s a rip-off. They’re ripping off Medicare. They’re ripping off the American people. And they’re — we’re going — but we’re now back — fighting back.
As part of our law, which passed last year, drug companies can raise prices more than — if they raise prices more than inflation, they’ll have to pay back the difference between inflation, as it’s gone up, and the price they charge. And that means consumers will pay less as well.