MEDFORD, Ore. – U.S. Senator Ron Wyden was in Medford today talking about how the “Inflation Reduction Act” will help lower prescription drug prices.
It was signed into law by President Biden today and according to Wyden, it addresses the issue of high drug prices set by large pharmaceutical companies.
His office said the bill focuses on Medicare, which will be allowed to negotiate drug prices and sets a $2,000 per year out-of-pocket cap for seniors.
To stop price gouging, the bill includes a penalty for companies that raise their drug prices above inflation, which starts in the fall.
Wyden said this bill gets Oregon closer to lowering inflation on prescription drugs for everyone.
“This is a seismic shift between seniors, taxpayers and big pharma,” Senator Ron Wyden said. “The reason I say this is this is a historic step to ending big pharma’s high priced monopoly.
Several local pharmacists were on hand with the senator at West Main Pharmacy in Medford.
All three of them said the bill will help stop seniors from rationing their medication because of high prices.