Denise Parashac expects to save $1,000 a year through a provision in the Inflation Reduction Act (IRA) designed to lower prescription drug prices.

The Plains Township resident lives with a diagnosis of Crohn’s disease and spends nearly $3,000 annually on medication.

“This is a huge relief for me and for so many Americans across the country who are suffering from this disease,” said Parashac, 69.

Parashac spoke about her experience at the Pittston Adult Activity Center this week when U.S. Senator Bob Casey visited to discuss the new regulation he had pushed for in Congress.

“For many Americans, especially seniors, the cost of prescription drugs is like a heavy burden they carry on their shoulders every day,” Casey said. “Those costs have skyrocketed over the years, and the response from Washington has all too often been a lot of talk and no action, a lot of regret about the problem but no passage of legislation.”

The rule, which will allow drug price negotiations for patients under Medicare Part D starting in 2026, already caps insulin costs at $35 per month for Medicare Part D and B enrollees. Starting in 2025, drug costs for Part D enrollees will be capped at $2,000.

In 2026, ten medicines will be eligible for price negotiations, 15 more medicines will be added in each of 2027 and 2028, and 20 more medicines will be added in each subsequent year until 2029.

“Truly a lifesaver”

“It’s also very cost-effective,” Parashac said of the arrangement. “If someone has Crohn’s disease and can’t afford their medication, their condition will most likely worsen and there’s a strong chance they’ll need extensive surgery, which can mean a long 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 scheme, and the new negotiated price with the scheme would be $4,695.

In addition to her diagnosis, Parashac cares for her father, who has coronary artery disease and mild heart failure. He is currently taking eight medications and could be prescribed both Xarelto and Entresto if his condition worsens. Both drugs are covered under the scheme.

Xarelto is currently listed for $517 for a 30-day supply and would be marked down to $197, and Entresto is listed for $628 for a 30-day supply and would be marked down to $295.

“Limiting his prescription drug costs to $2,000 a year is truly a lifesaver and a huge cost saver for him,” Parashac said.

Casey: Seniors need help

As chairman of the U.S. Senate Select Committee on Aging, Casey has made reducing drug costs a legislative priority.

“Seniors have been telling us for years that they need help. And as I speak to several seniors today who are struggling to make ends meet, one of the ways we can save them money is by reducing the cost of prescription drugs,” he said.

Mary Claire Voverish of Pittston came to the event because she has seen the impact high prescription drug prices can have on people in her community.

“Some people have to choose: Are they going to get their medicine? Are they going to have food this month or are they going to pay their electricity bill? And that’s terrible,” says 72-year-old Voverish.

Political differences

Casey, who is running for re-election this year, described the issue as an important one for his campaign.

“The Republican Party has officially taken the position of repealing the Inflation Control Act. The consequences for this election in terms of prescription drug costs alone could hardly be more serious.”

He called on Republican challenger Dave McCormick to reverse the work Casey had done on the issue.

“My opponent is determined to repeal this,” he said.

McCormick spokesman Nate Sizemore said the candidate “has made it 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 seniors on fixed incomes in Pennsylvania are being crushed by the high cost of living because the Biden-Harris-Casey liberal agenda has failed them,” Sizemore added.

He said Casey’s support of the provision would amount to an endorsement of a law that “has been a disaster for millions of seniors … increasing Medicare Part D drug premiums by over 20% and limiting innovation for the next generation of drugs.”

Casey wants to stay that course and hopes that lower drug prices and price caps will apply to everyone, not just seniors.

“We are making progress, but there is still a lot of work to be done,” Casey said. “We want to make sure this is extended to every American who relies on prescription drugs and bears a direct share of the cost of those drugs.”