In 2022, Congressional Democrats passed and President Biden signed into law the Inflation Reduction Act, which allows Medicare to negotiate lower drug prices, limits annual out-of-pocket prescription drug costs, caps the price of insulin at $35 per month, offers no-cost vaccines to seniors, and more. The new law also holds accountable drug companies that hike the price of their drugs faster than inflation by requiring them to pay a rebate to Medicare.
The impact of lower prescription drug costs thanks to the Inflation Reduction Act will be felt by thousands of Coloradans.