Denise Parashac expects to save $1,000 a year with a provision to the Inflation Reduction Act (IRA) designed to lower prescription drug prices.
The Plains Township resident lives with a Crohn’s Disease diagnosis that forces her to spend almost $3,000 on drug costs annually.
“This is a huge relief for me and for so many Americans across the country suffering from this condition,” Parashac, 69, said.
Parashac spoke about her experiences at the Pittston Adult Activity Center this week as U.S. Senator Bob Casey visited to speak about the new provision, which he advocated for in Congress.
“For so many Americans, especially seniors, the cost of prescription drugs is like a bag of rocks on your shoulders every day,” Casey said. “Those costs have skyrocketed over the years, and the answer from Washington, too often, has been a lot of talk and no action, a lot of lamenting the problem, but not passing legislation.”
The provision, which will allow for negotiated prescription drug prices starting in 2026 for those under Medicare Part D, has already capped insulin at $35 per month for Medicare beneficiaries enrolled in Part D and Part B. It will cap out-of-pocket drug costs at $2,000 for Part D beneficiaries starting in 2025.
Ten drugs will become eligible for the price negotiation in 2026, 15 additional drugs will become eligible per year in 2027 and 2028, and by 2029, 20 additional drugs will become eligible in each following year.
'Truly a lifesaver'
“This is also very cost effective," said Parashac of the provision. "If someone is affected by Crohn's disease and is not able to afford their medication, their condition would most likely worsen, and there is a great likelihood that they could require extensive surgery, which could mean a lengthy hospital stay.”
For Parashac, the next step in treatment if her current medications stop working is a drug called Stelara, which is currently listed at $13,836 for a 30-day supply. Stelara is one of the 10 drugs covered by the provision, and its new negotiated price with the provision would be $4,695.
In addition to her diagnosis, Parashac cares for her father with coronary artery disease and mild congestive heart failure. He is currently on eight medications, and could be prescribed both Xarelto and Entresto if his condition worsens. Both are drugs covered by the provision.
Xarelto is currently listed at $517 for a 30 day supply and would be brought down to $197, and Entresto is listed at $628 for a 30 day supply and would be brought down to $295.
“Having his prescription drug costs capped at $2,000 per year is truly a lifesaver and a great cost saving relief for him,” Parashac said.
Casey: Seniors need help
As the Chairman of the U.S. Senate Special Committee on Aging, Casey has made lowering drug costs a legislative priority.
“Seniors have told us for years that they need help, and when just talking to several seniors today, when they're having trouble making ends meet, one of the places where we could reduce their costs is getting prescription drug costs down,” he said.
Mary Claire Voverish of Pittston came to the event because she’s seen how high prescription drug prices can affect people in her community.
“Some people, they have to choose between: Do they get the medicine? Are they going to eat this month, or are they going to pay their light bill? And that's terrible,” Voverish, 72, said.
Political differences
Casey, who is seeking reelection this year, cited this issue as an important one for his campaign.
“It's the official position of the Republican Party to repeal the Inflation Reduction Act. So the consequences for this election, just on this issue [of] prescription drug costs couldn't be more significant.”
He called out Republican challenger Dave McCormick, saying he would reverse the work Casey has done on this issue.
“My opponent is committed totally to repealing this,” he said.
McCormick spokesman Nate Sizemore said the candidate "has been clear that he supports (former) President (Donald) Trump's actions to reduce the cost of life-saving drugs like insulin."
"Bob Casey is trying to distract from the fact that Pennsylvania seniors on fixed incomes are being crushed by the high cost of living because the liberal Biden-Harris-Casey agenda has failed them," Sizemore added.
He said Casey's support of the provision amounted to rubber-stamping legislation that "has been a disaster for millions of seniors ... raising Medicare Part D drug premiums by over 20% and curtailing innovation for the next generation of drugs."
Casey plans to stay the course and hopes to expand lower drug prices and price caps for everyone, not just seniors.
“We're making progress, but we've got more to do," Casey said. "We want to make sure that this extends to every American who needs to depend upon and has a has a direct stake in the cost of prescription drugs."
