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Tammy Baldwin
WASHINGTON, DC - NOVEMBER 29: Sen. Tammy Baldwin (D-WI) smiles during a news conference after a meeting with Senate Democrats at the U.S. Capitol November 29, 2022 in Washington, DC. The Senate is expected to pass the the Respect for Marriage Act on Tuesday night, which will enshrine marriage equality into federal law. (Photo by Drew Angerer/Getty Images)
In a significant victory for Wisconsin seniors, U.S. Senator Tammy Baldwin (D-WI) celebrated the announcement of reduced prescription drug prices, a result of the Inflation Reduction Act. This legislation, strongly supported by Baldwin, has empowered Medicare to negotiate drug prices for the first time, leading to substantial savings for many.
The Biden administration recently revealed the first set of 10 drugs subject to these new negotiations, with some monthly prices expected to drop by nearly 80%. This initiative is projected to save American taxpayers $6 billion and reduce out-of-pocket costs for Medicare enrollees by $1.5 billion in 2026 alone. In Wisconsin, over 150,000 residents currently use one or more of these widely prescribed and often expensive medications.
Senator Baldwin emphasized the importance of this achievement, noting the significant sacrifices many Wisconsinites have made to afford essential medications. "In every corner of our state, I hear from folks who are making tremendous sacrifices – from turning down the heat in the winter to cut energy costs to rationing their dosages – just in order to afford the medication they need to live. It’s wrong, and Wisconsinites deserve better,” said Baldwin. “That’s why I voted for the Inflation Reduction Act – to provide some real relief for Wisconsin families and hold big drug companies accountable for prioritizing profits over people.”
In addition to the drug price negotiations, the Inflation Reduction Act includes provisions that cap insulin costs for Medicare Part D beneficiaries at $35 a month and will limit out-of-pocket expenses to $2,000 per year starting in 2025. These measures are part of a broader effort to make healthcare more affordable for Americans, particularly seniors.
The announcement marks a pivotal step in addressing the high cost of prescription drugs, a concern that has long burdened many Wisconsin residents.
