WASHINGTON (WUTR) – Senate Majority Leader Chuck Schumer recently helped to pass the Inflation Reduction Act, which he says will have a significant positive impact on Upstate New York. Now, he’s explaining the plan to install a universal insulin price cap moving forward.
As part of the inflation bill, Schumer said that over 3.7 million New Yorkers on Medicare will have more affordable healthcare and utility bills, and that tax loopholes for big corporations will be closed. According to the New York Democrat, it will help fight the climate crisis, create new clean energy jobs, and more.
Another major aspect of the bill that many citizens have fought for and are looking forward to is the $35 price cap put on insulin for Medicare members. While the bill originally included a price cap on life-sustaining insulin also for those with private insurance, Republicans opted not to support this inclusion.
“Unfortunately, we tried to lower the cost for those on insurance as well,” said Schumer. “We needed 60 votes on that, we only got seven Republicans and all 50 Democrats, but were gonna come back in September, and try to do that again.”
While the $35 cap on insulin did not trickle down to the private sector this time around, Sen. Schumer said that the bill ensures that after setting initial drug prices, companies cannot raise them—for anyone—past the rate of inflation.