Shaheen, Hassan, Kuster Join President Biden in Concord to Celebrate Historic Work to Lower Prescription Drug Costs for Granite Staters
(Concord, NH) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH), alongside U.S. Representative Annie Kuster (NH-02), joined President Joe Biden in Concord on the campus of New Hampshire Technical Institute to celebrate historic work by the Biden-Harris Administration to reduce the cost of prescription drug prices for Granite Staters, including action in the Inflation Reduction Act capping the cost of insulin to $35 for Medicare beneficiaries, capping annual out-of-pocket drug spending for Medicare enrollees and allowing the federal government to negotiate prices for drugs covered under Medicare Part B and Part D. As co-chair of the U.S. Senate Diabetes Caucus, Shaheen leads the bipartisan Improving Needed Safeguards for Users of Lifesaving Insulin Now (INSULIN) Act which would cap the cost of insulin at $35 for more Americans. Photos from today’s event can be found here.
“I was thrilled to welcome President Biden back to New Hampshire today to discuss the Administration’s comprehensive, historic reforms that have already shown success in lowering the price of prescription drugs, including capping insulin at $35 a month for Medicare beneficiaries—a long-standing priority for me,” said Senator Shaheen. “In the wealthiest nation on Earth, no one should have to choose between putting food on the table or paying for the medication they need to survive. So, let’s continue to build on this progress by passing my bipartisan INSULIN Act to cap insulin costs for millions more Americans.”
“It was great to welcome President Biden back to New Hampshire today to discuss efforts to lower costs for Americans,” said Senator Hassan. “Under the Biden-Harris Administration, we have taken on Big Pharma to start lowering prescription drug prices and put seniors first – and we won’t let up in our efforts to bring down health care costs for Granite Staters and all Americans.”
“For too long, health care and prescription drugs costs have been too high for too many Americans. That’s exactly why the Biden-Harris Administration made lowering prescription drug costs and expanding access to health care a cornerstone of its agenda,” said Congresswoman Kuster. “From capping the cost of insulin at $35 per month to allowing Medicare to negotiate drug prices directly with pharmaceutical companies, they have delivered. Leadership matters and the leadership of President Biden and Vice President Harris is making a real difference in the lives of hardworking Granite Staters.”
Shaheen and the full New Hampshire Congressional delegation have supported efforts to combat rising drug prices and prevent drug manufacturers from abusing the drug approval process to limit market competition, including by supporting key provisions in the Inflation Reduction Act. Earlier today, the Assistant Secretary for Planning and Evaluation (ASPE) released a report announcing that nearly 1.5 million Medicare enrollees, and more that 5,000 Granite Staters, benefited from the new out-of-pocket cap, saving nearly $1 billion on prescription drugs in just the first half of 2024—with even bigger savings expected for the remainder of this year. For the first time, the Inflation Reduction Act also provides Medicare the ability to directly negotiate the prices of certain high-cost drugs with pharmaceutical manufacturers. According to recent estimates, taxpayers will save an estimated $6 billion in prescription drug costs on newly negotiated drugs, and Medicare beneficiaries alone will save an estimated $1.5 billion in annual out-of-pocket costs. More than 30,000 Granite Staters take prescription drugs set for negotiation in 2026.
Shaheen also pushed for the inclusion of a provision in the Inflation Reduction Act that capped out-of-pocket costs for Medicare patients with diabetes by ensuring that Medicare Part D and Medicare Advantage health plans limit copays or coinsurance to no more than $35 per month, 25% of list price, or 25% of the negotiated price. Across New Hampshire, Medicare beneficiaries needing insulin would have saved $3.5 million, an average of $536 per enrollee, had the $35 cap been in effect in 2020. As co-chair of the bipartisan U.S. Senate Diabetes Caucus, Shaheen has consistently pressed to hold insulin manufacturers, insurers and pharmacy benefit managers accountable for the skyrocketing cost of life-saving insulin. Last year, Shaheen and Senator Susan Collins (R-ME) introduced the INSULIN Act, which would comprehensively address the skyrocketing costs of insulin and remove barriers to care making it more accessible to millions of Americans.
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