For the first time in history, there will be cost controls for prescription drugs through Medicare. President Biden's Inflation Reduction Act will soon rain in some drug prices covered under Medicare. Eli Lilly is voluntarily capping out-of-pocket costs every month for insulin customers at $35 and essentially matching what Congress authorized for people on Medicare last year.
Insulin was the poster child of overpriced life saving drugs, but a manufacturer finally capped the cost at $35. Vox’s Dylan Scott explains how pharmaceutical companies for decades managed to overprice drugs Americans desperately needed.
This episode was produced by Haleema Shah, edited by Amina Al-Sadi, fact-checked by Laura Bullard and Matt Collette, engineered by Patrick Boyd, and hosted by Sean Rameswaram.
Transcript at vox.com/todayexplained
Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts
Learn more about your ad choices. Visit podcastchoices.com/adchoices