AARP Hawai`i Thanks Hawaii Congressional Delegation for Historic Vote on Prescription Drug Pricing

President Joe Biden signed the Inflation Reduction Act of 2022, a bill that includes several key provisions to lower the prices of prescription drugs. AARP Hawai`i thanks the Hawai`i Congressional Delegation --  U.S. Sens. Brian Schatz and Mazie Hirono and U.S. Reps. Ed Case and Kai Kahele -- for voting yes to pass this critical legislation and send it to the President. The Inflation Reduction Act includes key AARP priorities that will go a long way to lower drug prices and out-of-pocket costs. AARP fought for provisions in the bill that will:

• Finally allow Medicare to negotiate the price of drugs
• Cap annual out-of-pocket prescription drug costs in Medicare Part D at $2,000
• Hold drug companies accountable when they increase drug prices faster than the rate of inflation, and
• Cap co-pays for insulin to no more than $35 per month in Part D.

Jo Ann Jenkins, AARP Chief Executive Officer, issued a statement following the signing of the new law. She had previously issues statements thanking lawmakers for passing the legislation.

“AARP has fought hard to lower prescription drug prices for decades, and we thank President Biden for signing this historic legislation to provide relief to AARP’s members and all older Americans. This is one of the most important pocketbook issues for older Americans – across political aisles and across the country. We have made our voices loud and clear: drug prices are out of control, and enough is enough.

“Going forward, Medicare is required to negotiate the prices of certain drugs, drug companies will be penalized if they raise prices faster than the rate of inflation, and tens of millions in Medicare plans will soon have an annual cap on how much they pay out-of-pocket for their medications. Our fight isn’t over – AARP will keep working to make sure the law is implemented, and we’ll keep advocating for additional measures to bring down the price of prescription drugs.”