Pallone Joins Protect Our Care Bus Tour in New Brunswick

New Brunswick, NJ – Congressman Frank Pallone, Jr. (NJ-06) joined Protect Our Care's nationwide bus tour in New Brunswick today with health care advocates and residents to celebrate the Inflation Reduction Act's historic provisions that will lower prescription drug and health care costs. Pallone also received the Health Care Champion Award to honor his work on behalf of New Jerseyans to make health care more accessible, affordable, and equitable.

The Inflation Reduction Act will lower prescription drug costs for seniors by finally empowering Medicare to negotiate the cost of prescription drugs, capping the amount seniors pay for drugs at $2,000 annually, and capping the amount they pay for insulin at $35 per month. It will also dramatically lower the cost of monthly health insurance premiums for millions of Americans by extending expanded Affordable Care Act Marketplace subsidies through the end of 2025. The prescription drug and health care provisions included in the new law were originally authored and introduced by Pallone, who chairs the House Energy and Commerce Committee.

"The Inflation Reduction Act is one of the most significant pieces of health care legislation to move through Congress in over a decade, and it's going to lower prescription drug and health care costs for New Jerseyans. The new law finally breaks Big Pharma's monopoly on prescription drug prices. No one should have to choose between paying for lifesaving medications or food and rent," said Pallone. "Importantly, it will help ensure seniors are no longer ripped off at the pharmacy counter by capping both their annual out-of-pocket drug spending as well as how much they can be charged for insulin. It also penalizes Big Pharma companies for unfairly hiking prices on seniors.

"The Inflation Reduction Act will also dramatically lower the cost of monthly health insurance premiums for millions of Americans and provide families with the peace of mind that comes with knowing they have high-quality health care coverage. Five million Americans have gained access to health care coverage over the last two years thanks to Democrats' efforts to make it more affordable. I'm grateful for everyone who joined us today and has stood with us together in the fight to make this legislation a reality."

"We would not be standing here today without the tireless work of Chairman Frank Pallone Jr.," said Protect Our Care Executive Director Brad Woodhouse. "Chairman Pallone has dedicated decades of service to fighting Big Pharma and other special interests and making health care more affordable, accessible, and equitable for the people of New Jersey. Now, his hard work is paying off again, and New Jersey seniors and families are going to see real relief thanks to the Inflation Reduction Act. This bill will lower health premiums, drive down prescription drug costs, and improve care for millions of people — saving many thousands of dollars a year and giving them peace of mind knowing they can get the health care they need."

"With the current levels of cost of living and income inequality, the health care reforms in the Inflation Reduction Act bring much-needed savings to New Jerseyans," said Laura Waddell, Health Care Program Director at NJ Citizen Action. "Allowing Medicare to negotiate prescription drug prices means families won't have to choose between groceries or medicine. Extending the ACA insurance premium subsidies will help solidify the recent strides we've made in health coverage and keep it affordable for millions of Americans. Thank you to Congressman Pallone and the rest of the New Jersey Democratic Congressional Delegation for fighting for these important and historic policies."