Michigan Congressional Democrats say the newly signed “Inflation Reduction Act” will limit out-of-pocket insulin costs for Medicare recipients and require the system to negotiate prices for some drugs.
Democratic Senator Debbie Stabenow says that’s key to lowering prescription costs.
“Every other country negotiates for the best price but us. So, we end up being the ones that they raise the roof on the prices. Just because they can. But not anymore.”
But the pharmaceutical industry says the plan is based on what it calls “false promises.”
The trade group “Pharmaceutical Research and Manufacturers of America” lobbied and bought ads opposing the legislation. It's pointing to the insurance system as a source of high prices.
