One year ago today, the Inflation Reduction Act (IRA) was signed into law. A major focus of this law are provisions to begin to lower Rx drug prices and out-of-pocket costs for people on Medicare and the Medicare program.

For the first time ever, Medicare will soon begin negotiating lower prices with drug corporations, reversing a ban that was put in place two decades ago by drug industry lobbyists when Medicare Part D was created. However, major drug corporations and their business allies are now suing Medicare to stop this new negotiation process.

We are looking forward to seeing everyone today at our rally to “Save Medicare’s Lower Drug Prices!”. We’re gathering at 12 noon outside the NYC office of Jones Day, the notorious right-wing law firm, located at 250 Vesey Street, along the Hudson River just west of the World Trade Center complex in lower Manhattan. Jones Day is representing two major drug corporations that have filed these lawsuits against Medicare: Bristol Myers Squibb and Merck.

Here’s all the information about our rally.

We’re also asking everyone to post items to your social media platforms about today’s anniversary. Here’s a handy toolkit you can use.

In addition, Senator Schumer’s office has reached out to us about an IRA anniversary video they are releasing at 9 a.m. today on his social media platforms, asking people to view and share it.

Here’s how the IRA is and will help people on Medicare afford the medicines they need:

• This year (2023)…  All vaccines are now free; insulin co-pays are capped at $35 per month; annual manufacturer price increases are limited to the general inflation rate (historically it’s been 3 times higher.)
• Next year (2024)… Premium increases for Medicare Part D are limited to 6% per year; the 5% co-pay is eliminated for Part D’s catastrophic coverage phase; eligibility for financial assistance to help pay Part D premiums is expanded to more low-income people.
• 2025… Total annual co-pays for medicine are capped at $2,000 per person.
• 2026… Lower negotiated drug prices go into effect.
• 2027 and beyond… More and more drugs are added into the negotiation system each year.

More background information is available here from our partners at the Medicare Rights Center. For a deep policy dive into the IRA and Rx drugs, here’s a really good slide deck from Kaiser Family Foundation.