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Tag: Inflation Reduction Act

Medication bottles on a table.

President Biden’s Inflation Reduction Act

A Boost for Affordability in Healthcare

In his initial days in office, President Biden addressed one of the most pressing concerns for Americans: rising inflation in healthcare. He signed the Inflation Reduction Act shortly after his inauguration, which relieved millions of Americans struggling to afford their medication, particularly insulin. Biden’s Inflation Reduction Act provided protection against the soaring costs of prescription drugs. It included a crucial provision that countered a 2003 Medicare Prescription Drug Act mandate, preventing consumers from facing excessive price hikes.

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Coming Changes in Legislation

Important legislation has recently been passed through Congress this summer. The most recent bill to pass the House this summer was the Inflation Reduction Act (HR5376) which passed on a party-line vote 220-207 after the Senate passed the measure on a 51-50 vote margin with Vice-President Harris casting the tie-breaking vote. The President has signed the bill, and this legislative package is now law.  

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