The Biden administration announced measures to lower costs for 64 drugs through inflation penalties on drugmakers. This initiative, part of the Inflation Reduction Act, will benefit over 750,000 Medicare recipients, allowing seniors to pay less for these medications. The law mandates pharmaceutical companies to pay rebates if they increase prices faster than inflation, with these rebates being used to save seniors thousands of dollars. The act, which aims to combat price gouging by Big Pharma, faced unanimous opposition from Republicans. The full list of the 64 drugs is available.
