Biden Administration and FTC Achieve Major Wins in Lowering Drug Prices, Including $2,000 Cap for Seniors and Invalidating Teva Inhaler Patents

Jun 10, 2024, 09:35 PM

The Biden administration has achieved significant progress in lowering prescription drug costs through various measures. President Biden's Inflation Reduction Act will cap prescription drug costs for seniors at $2,000 a year starting next year. Additionally, Medicare will now be able to negotiate prices for a select number of expensive, widely-used drugs, a move expected to save lives. The Federal Trade Commission (FTC) has also played a crucial role in this effort. A New Jersey federal court, backed by the FTC, invalidated five of Teva Pharmaceutical's patents on asthma inhalers, clearing the way for generic alternatives and potentially lowering drug prices further. This ruling embraced the FTC's amicus brief, which highlighted that improper patent listings block competition and delay cheaper drugs. Lawmakers like Senator Elizabeth Warren and Representative Pramila Jayapal are pushing for further reforms to combat Big Pharma's abusive practices and create more competition in the pharmaceutical industry. The act also includes a $35 price cap on Insulin. Despite promises from Trump, it was President Biden and House Democrats who achieved these reforms.