The Biden administration recently announced the drug manufacturers of the initial 10 medications chosen for inclusion in the Inflation Reduction Act’s (IRA) Medicare price negotiation initiative agreed to participate in that program. The IRA’s price controls prompted a nationwide conversation about the future of Medicare Part D and its impact on seniors’ access to innovative treatments and medications.
Despite the program’s implementation now in full swing, it is time to listen to the voices of our seniors and ensure their healthcare preferences drive policy. Thanks to a new survey of seniors, policymakers now have real-time evidence that seniors want Medicare plans to negotiate directly with drug manufacturers and the government to stay out of those talks.
Days before the administration announced the first ten drugs subject to price negotiations, Morning Consult fielded a survey of seniors to gauge their opinions regarding the use of price-setting policies within Medicare Part D. Consistent with this yearly survey’s past results, a majority were overwhelmingly unsupportive of government intervention in the program. These results aren’t surprising for us seniors who repeatedly stressed we are not supportive of major disruptions in Medicare but are significant nonetheless, given that policymakers have lauded over the past year that price-setting policies are “overwhelmingly” supported by Americans. They clearly left seniors out of this hair-brained poll.
There is a reason why seniors want bureaucrats to keep their hands off their healthcare. The Medicare Part D prescription drug program remains overwhelmingly popular with American seniors. The survey shows over 90 percent of seniors are happy with their Medicare drug coverage. Consistent with years past, a large majority of Medicare beneficiaries find their plans to be affordable, reasonable, and convenient to use.
On the other hand, seniors stand firm against the idea of restricting access to essential medications through the enforcement of drug price controls. A resounding 81 percent expressed their strong disapproval of allowing the IRA’s provisions to limit drug access for the sake of cost-saving measures. In addition, a staggering 67 percent of seniors with Medicare Part D plans voiced their support for allowing drug plans to negotiate directly with the biopharmaceutical industry, in stark contrast to the 16 percent who preferred government-led price setting. In fact, the IRA’s drug pricing-setting provisions aim to change a Medicare Part D drug program that most seniors don’t think needs fixing.
We have seen the flashing headlines of news articles reporting another company is going to cancel their investments in drug research and development (R&D) out of concerns about reduced competition and incentives to re-invest. As an older adult, I’m deeply concerned that the ecosystem of innovators exploring treatments and cures for Alzheimer’s will have to slow down their efforts, and as a result, some of us may never be afforded a chance to put on boxing gloves, get in the ring, and have a real chance to fight this terrible disease.
Beyond the impact on medical innovation, a significant 79 percent of seniors voiced their concerns about potential access limitations arising from government price-setting policies. These statistics underscore the critical importance of preserving access to lifesaving medicines for our older Americans who rely on one or more treatments to maintain their health and quality of life. In the pursuit of cost-effective healthcare solutions, it is crucial for lawmakers to preserve the well-being and healthcare choices of our seniors.
These findings shed light on the divergent perspectives between the senior community and our legislators. As we navigate the complex terrain of drug pricing policies, lawmakers should consider them and change course on any future plans to insert more government control into the Medicare system.
As I often like to remind our seniors, the most powerful tool you have when contacting your representatives is to use your voice. Whether it be meeting in their office, sending a letter, or attending a district town hall meeting, you have the power of speaking directly to our lawmakers to tell them where you stand on the current healthcare policies. Hopefully, Congress will listen to the resounding voices of our seniors, who have spoken loud and clear in the Senior Satisfaction Survey.
