Senate Democrats united behind the Inflation Reduction Act to address healthcare, taxes and climate change and to let Medicare negotiate drug prices.
Senate Majority Leader Chuck Schumer of N.Y., answers a final question before leaving after a news conference Friday, Aug., 2022, at the Capitol Hill in Washington.
No Republicans supported the bill. It will now go before the House, where a vote is expected Friday. The Medicare drug negotiation policy — which Democrats have been pushing for nearly two decades — would mark a significant accomplishment that is likely to be popular with voters who are eager to go after drugmakers.
Likely targets for negotiations include Eliquis, an atrial fibrillation medication used by well over 2 million Medicare beneficiaries; the diabetes drug Januvia, the prostate cancer drug Xtandi; and the rheumatoid arthritis drug Orencia, according to industry players who are tracking the legislation. That list could change if pricier drugs enter the market in the next four years.
The inflationary cap isn’t a huge hit for the pharmaceutical industry because “companies have been self-policing,” said Ipsita Smolinski, a health policy adviser and managing director of Capitol Street, a research and consulting firm.
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