Bringing down the cost of prescription drugs

The most important formative moment in my public service career was the moment my mom was diagnosed with stage IV ovarian cancer and my family had to figure out how to pay for the care and prescriptions she needed.

As a result, the cost of healthcare and prescription drugs is a deeply personal issue for me. I also know it has remained one of the most significant challenges faced by Michigan’s working families. I cannot say how many times I’ve been pulled aside by constituents back home worried about how they’re going to be able to pay for care.

Accordingly, lowering healthcare and drug costs has remained one of my top priorities throughout my years in Congress. Over three terms, I’ve taken many votes and championed many bills aimed squarely at that goal. There are a couple of which I’m particularly proud that I would like to talk about:

Major victories to lower costs in the Inflation Reduction Act

In 2022, Congress passed – and I voted for – the Inflation Reduction Act, which was a landmark piece of legislation that covered a number of different issues, including healthcare costs.

The healthcare provisions in the IRA were an incredible victory in a decades-long fight to lower costs that have and will continue to make a lasting difference for folks in Michigan and around the country.

First, it finally allows Medicare to negotiate with pharmaceutical companies, use its buying power to secure the best deal on prescriptions, and pass those savings on to its members. The first ten drugs selected for negotiations were announced last year, and in August it was announced that those negotiations will save Medicare beneficiaries billions on their prescriptions when the lower prices go into effect in the new year.

Next, the IRA capped the price of insulin – a drug that those with diabetes depend on to live – for seniors on Medicare at $35 per month. Some of the most heart-wrenching stories of our drug cost crisis have come from those who have had to ration their insulin because they can’t afford more, and this cap will make that a thing of the past for those on Medicare.

Getting bipartisan legislation signed into law

One of my proudest achievements as a Member of Congress is the Real Time Benefits Act. Its story began in 2019 when I was hearing from constituents in my district loud and clear that they were really frustrated with the price of pharmaceuticals and how confusing it was to understand and compare the price of their prescriptions.

Based on that feedback, I got to work on bipartisan legislation that required transparency for the cost of prescription drugs for those on Medicare Part D. I spoke with doctors, nurses, and pharmacists who all felt that Americans deserve to comparison-shop for drugs – just as we do for any other product.

The bill was signed into law by then President Trump at the end of 2020, and now Medicare Part D plan sponsors are offering real-time, personalized price comparison tools to patients and doctors. The tools are finally reaching patients – an important moment for so many constituents.

I had the chance to meet with some of those constituents earlier this year after the tools the legislation created became available for use. It was truly a full circle moment.

My career in Congress began with a commitment to lower healthcare and prescription drugs costs, and I can confidently say that commitment remains six years later. I’m incredibly proud of the progress we have made, but there’s plenty more work to do on our health care system, and I’m looking forward to finishing the job.

– Rep. Elissa Slotkin