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ICYMI: 75+ Patient Organizations Voice Support for Inflation Reduction Act In Letter to Congress

Today, more than 75 organizations representing patients, consumers, seniors, unions, small businesses, employers, physicians, nurses... The White House Logo FOR IMMEDIATE RELEASE August 5, 2022 ICYMI: 75+ Patient Organizations Voice Support for Inflation Reduction Act In Letter to Congress Today, more than 75 organizations representing patients, consumers, seniors, unions, small businesses, employers, physicians, nurses, and disease advocacy and human rights organizations, wrote a letter to Congress urging the Senate to immediately pass the Inflation Reduction Act. In this letter, these organizations point out that rising prices are a top concern (https://www.monmouth.edu/polling-institute/reports/monmouthpoll_us_120821/) for American families and employers. Undeterred by the financial hardship and health challenges facing Americans today as a result of the pandemic, drug companies have already raised the prices of their products almost 1,200 times (https://patientsforaffordabledrugs.org/2022/07/19/july-2022-price-hikes-report/) in the first seven months of the year more than in the same period in 2020 and 2021. To address this concern, among others, the Inflation Reduction Act would require Medicare to negotiate directly with pharmaceutical corporations for lower drug prices, discourage drug companies from increasing their prices faster than the rate of inflation, and cap annual out-of-pocket costs for Medicare beneficiaries at $2,000. Read the full letter below: Dear Members of Congress, Congress can make history in the next week by passing the most expansive and powerful reforms to help Americans afford prescription drugs since enactment of the Medicare Part D benefit in 2003. On behalf of more than 75 organizations representing patients, consumers, seniors, unions, small businesses, employers, physicians, nurses, and disease advocacy and human rights organizations, we urge the Senate to immediately pass the Inflation Reduction Act. The legislation is truly historic because for the first time ever it will: * Require Medicare to negotiate directly with pharmaceutical corporations for lower drug prices a reform that has been sought for almost 20 years; * Discourage drug companies from increasing their prices faster than the rate of inflation, a reform that has special importance right now as we seek to curb the rising cost of everyday expenses; * Cap annual out-of-pocket costs for Medicare beneficiaries at $2,000 when they are currently unlimited and can run to more than $15,000 (https://www.kff.org/medicare/issue-brief/potential-savings-for-medicare-part-d-enrollees-under-proposals-to-add-a-hard-cap-on-out-of-pocket-spending/) and expand the Part D low-income subsidies by expanding the income threshold for eligibility from 135 percent to 150 percent of the federal poverty level. Congress can pass these drug pricing reforms before the August recess and move the nation in anew direction, providing savings to patients, taxpayers, workers, and employers. CBO estimates (https://www.cbo.gov/publication/58290) savings of almost $300 billion to the Federal government alone. Rising prices are a top concern (https://www.monmouth.edu/polling-institute/reports/monmouthpoll_us_120821/) for American families and employers. Undeterred by the financial hardship and health challenges facing Americans today as a result of the pandemic, drug companies have already raised the prices of their products almost 1,200 times (https://patientsforaffordabledrugs.org/2022/07/19/july-2022-price-hikes-report/) in the first seven months of the year more than in the same period in 2020 and 2021. Congress can make history in the next week. Pass the Inflation Reduction Act and send it to the President for his signature. Not only will it break the pharmaceutical industrys unilateral power to dictate prices to the American people, it will save lives, improve health, curb the impact of inflation, and put more money back into the pockets of American seniors, workers, and businesses. Congress has repeatedly promised to address this problem, and the American people need the help now more than ever. Signed: AARP AFGE Local 704 AHEC West (Maryland Area Health Education Center West) AIDS Healthcare Foundation Alliance for Retired Americans Alliance of Community Health Plans American Academy of Neurology American Federation of Teachers Black Health Commission Blue Shield of California Building Back Together Campaign for a Family Friendly Economy Centennial State Prosperity Center for American Progress Center for Popular Democracy Children's Action Alliance Colorado Consumer Health Initiative Committee to Protect Health Care Communications Workers of America Community Catalyst Consumer Action COVID Survivors for Change Crohn's and Colitis Young Adults Network Democratic Disability Caucus of Florida Doctors for America Families USA For Our Future Action Fund Generation Patient Health Access CA Health Care For All Massachusetts Health Care Voices Heath Action New Mexico Hispanic Federation Honest Arizona Human Rights Watch Invest in America Action Kentucky Voices for Health KS Business Group on Health Latino Victory Lower Drug Prices Now Main Street Alliance Maryland Health Care For All Coalition Medicare for All Coalition Medicare Rights Center Metro New York Health Care for All Missouri Health Care for All MomsRising MoveOn Civic Action National Health Law Program National MS Society Network Lobby for Catholic Social Justice New Jersey Citizen Action Nurses for America Oregonizers Patients For Affordable Drugs Now Pennsylvania Health Access Network People's Action Prescription Justice Protect Our Care Public Citizen R2H Action [Right to Health] Salud y Farmacos SEIU Social Security Works SWAA CT Coordinating committee T1International USA TakeActionMN Tennessee Health Care Campaign The AIDS Taskforce of Greater Cleveland The 99% Pennsylvania campaign of the Pennsylvania Budget and Policy Center The Consortium United States of Care Universal Health Care Foundation of Connecticut Unrig Our Economy Voices for Progress West Health Institute West Virginians for Affordable Health Care ###