A statement by former Representative Henry Waxman:

People deserve access to affordable medications. Two years ago, the Biden-Harris Administration worked with Congress to pass the Inflation Reduction Act (IRA) into law — a historic piece of legislation that enables Medicare to negotiate the prices of high-cost drugs for the first time. Today, with the announcement of the newly negotiated prices for the first 10 selected drugs, millions across America will be able to breathe a sigh of relief knowing that their lifesaving and life-sustaining medicines will soon become more affordable.   

The United States has waited far too long to catch up with other countries that negotiate with drug companies to lower the cost of prescription drugs. Thanks to the IRA, Medicare now has that power. The conclusion of this successful negotiation process represents a huge step forward in the decades-long fight to lower prescription drug costs. With today’s announcement, the United States is demonstrating a deep commitment to putting the health and financial wellbeing of its people above the greed and profits of the pharmaceutical industry. 

Thanks to the IRA, a future where patients don’t have to choose between paying for their medicines or paying their bills is within reach. In the coming years, people will have access to the drugs they need — not just to survive, but to thrive. As we look to the future, upcoming negotiations will build upon today’s success and policymakers can choose to expand the number of drugs eligible for price negotiation. They should seize upon the opportunity to make more medicines affordable to more people. Team Waxman and I will do everything in our power to achieve fair, affordable drug prices for everyone – and will continue working towards this more equitable future.