“Lower prescription drug costs by empowering Medicare to negotiate drug prices”
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The Inflation Reduction Act (H.R.5376), which Schumer negotiated and passed as Majority Leader (Senate 51-50, Aug 7, 2022), for the first time authorized Medicare to negotiate prescription drug prices and capped Part D out-of-pocket costs at $2,000/year. The first 10 negotiated prices took effect January 1, 2026, projected to save Medicare beneficiaries about $1.5 billion annually.
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