U.S. Senator Tammy Baldwin (D-WI) introduced new legislation to lower the cost of prescription drugs for millions of Americans. The Capping Prescription Costs Act would place annual caps on out-of-pocket costs for prescription drugs—$2,000 for individuals and $4,000 for families, building on the success of the Inflation Reduction Act, which capped prescription drug cost-sharing for Medicare Part D beneficiaries, extending the savings to the commercial health care market.
“No American should have to choose between basic necessities like putting food on the table and paying for the drugs they need to stay healthy. While we’ve made great progress cutting costs for Wisconsin Seniors with the Inflation Reduction Act, every American should be protected from big drug companies price practices,” said Senator Baldwin. “Our legislation will lower expenses for Wisconsinites across the state and ensure that more families can get the medication they need at a price they can afford.”
Over 60 percent of American adults take at least one prescription drug, with 25 percent of adults taking four or more. In 2019, Wisconsin residents spent an estimated $1.3 billion on prescription drugs.
