Inflation Reduction Act to help reduce drug costs

U.S. Sen. Gary Peters said he recently helped pass into law the Inflation Reduction Act.

According to a media release, Peters said the law went into effect Jan. 1 and will lower health-care and prescription-drug costs.

Among the savings Peters highlighted:
· Insulin now costs no more than $35 a month for seniors on Medicare.
· All vaccines approved under Medicare Part D are free.
· Prescription drug rebates will go into effect for Medicare, requiring pharmaceutical companies to pay back the federal government if prices for critical prescription drugs covered through Medicare rise faster than inflation.

Peters said the measure is aimed to lower costs for Medicare patients and discourage pharmaceutical companies from exploiting inflation to hike prices.