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Last year, one of my constituents, Bob Miller, told me a story I will never forget.
Bob is a 71-year-old on Medicare with multiple sclerosis (MS), an unpredictable disease that affects his central nervous system. For over a decade, Bob has relied on Betaseron to treat MS flare-ups and prevent disease progression.
But as the years went by, Bob saw the cost of this life-sustaining drug increase. In the year By 2016, out-of-pocket costs for Betaserone had increased to more than $10,000 a year, and Bob was forced to stop taking the drug he relied on to control his MS. Even with insurance, this drug was very expensive.
While Bob’s situation breaks my heart, his story is no stranger to me. We live in one of the wealthiest countries in the world — but many Minnesotans are wondering each month whether they’ll be able to fill the prescriptions they rely on every day. It is inconceivable that many Minnesotans share this common struggle.
I’m proud to have played a role in making the Inflation Reduction Act a reality earlier this month and finally getting a handle on prescription drug costs. Starting next year, no one on Medicare will pay more than $35 a month for insulin, seniors on Medicare will be able to get their vaccines free of charge, and drug companies will be forced to pay taxpayers if they pay for prescription drugs. It increases faster than inflation. For the first time in history, Medicare will have the power to negotiate fair drug prices for certain drugs on behalf of seniors like Bob.
This bill would lower the cost of out-of-pocket prescription drugs for millions of Americans. That’s a big step forward — and one that will ultimately require Big Pharma to compete — as they race to serve our nation’s seniors.
I was dismayed when I read Star Tribune owner Glenn Taylor’s recent comment about these historic health care changes (“Health Care Changes Will Hurt Too Many Americans”). August 21). So, I thought I’d put the impact of this bill into perspective.
The Inflation Reduction Act would protect 820,000 Minnesotans from Big Pharma price hikes in Medicare, cap their pharmacy costs at $2,000 a year, save 85,000 Minnesotans hundreds of dollars in health care premiums, and give 87,000 Minnesota seniors access to vaccine exemptions. costs, would cover the cost of insulin through Medicare for $35 a month for 47,000 Minnesotans, extend ACA tax credits to help 27,000 Minnesotans get health insurance, and allow 25,000 small business owners and self-employed adults in Minnesota. Access to affordable health care coverage.
At the end of the day, this bill will allow thousands of Minnesotans to get the medicine, care and insurance they need to live safe and healthy lives.
Additionally, I would like to remind Mr. Taylor that large employers and commercial insurers like him have a role to play in this fight. Pharmaceutical companies have enormous market power and unique capabilities to effectively push back against price increases. Our bill gives Medicare the power to do what large employers and commercial insurers have been able to do for years — negotiate the price they pay for prescription drugs.
Deflationary legislation was not written in haste overnight. It is a comprehensive, fiscally responsible bill that will improve the quality of life and lower the cost of living for thousands of Minnesotans. Of course, it is not perfect. But seeing all that he accomplished this summer makes me more optimistic than ever that more lifesaving improvements are within our reach.
My friend Bob from Prior Lake said it best when he said that the Inflation Reduction Act would bring him and thousands of Minnesotans “peace of mind” and guarantee access to life-saving and life-sustaining drugs. That is historical progress that cannot and should not be slowed down.
Democrat Angie Craig represents Minnesota’s Second District in the US House.
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