Steil voted against the Inflation Reduction Act and opposed allowing the government to negotiate lower price for prescription drugs because he believed it would stifle research and development. The Inflation Reduction Act capped the cost of insulin and allowed Medicare to negotiate better drug prices.
Steil Opposed Legislation To Allow The Government To Negotiate Lower Costs For Prescription Drugs Because He Believed It Would Stifle Research And Development. According to the Racine Journal Times, "Steil voted against a bill forwarded by House Speaker Nancy Pelosi that would have allowed the federal government to negotiate fixed prices of up to 250 name-brand drugs for people on Medicare. Steil opposed the non-capitalistic nature of the price-setting mechanism and that companies which didn't abide by it would face a massive 95% tax. That kind of legislation, according to Steil, would be ineffective in actually helping Americans. ‘What I think it (Pelosi's bill) would have done long-term is prevented R&D (research and development),’ he said. ‘We want to encourage them (pharmaceutical companies) to develop new drugs, but then we want to keep those prices affordable for people.’" [Racine Journal Times via Rep. Bryan Steil, 1/20/20]
2022: Steil Voted Against The Inflation Reduction Act Of 2022, A Multi-Billion Package To Address Climate Resiliency, Taxes, And Health Care Costs. In August 2022, according to Congressional Quarterly, Steil voted against concurring in the Senate amendment to the Inflation Reduction Act of 2022, “comprising a package of climate, tax and health care provisions.” The vote was on a motion to concur. The House concurred with the Senate by a vote 220-207, thus the bill was sent to President Biden for final signage. President Biden signed the bill and it ultimately became law. [House Vote 420, 8/12/22; Congressional Quarterly, 8/12/22; Congressional Actions, H.R. 5376]
The Inflation Reduction Act Included A Cap On Out-Of-Pocket Costs For Seniors Enrolled In Medicare At $2,000 Annually. According to the Washington Post, “The prescription drug pricing reforms aim to help cut costs for seniors enrolled in Medicare. It caps their out-of-pocket costs at $2,000 annually, while allowing the U.S. government to negotiate the price of a small set of medicines beginning in 2026.” [Washington Post, 8/7/22]
The Inflation Reduction Act Required The Centers For Medicare & Medicaid Services To Negotiate Prices For Certain High-Cost Prescription Drugs. According to the Government Accountability Office, "The Centers for Medicare & Medicaid Services (CMS) has begun implementing the Medicare drug price negotiation program (negotiation program) and Medicare prescription drug inflation rebate program (inflation rebate program), as the Inflation Reduction Act of 2022 (IRA) requires. The negotiation program requires CMS to negotiate prices for certain high-expenditure drugs. The inflation rebate program requires drug manufacturers to pay CMS a rebate if the prices of certain Medicare-covered drugs increase faster than the rate of inflation." [U.S. Government Accountability Office, 4/28/25]
The Inflation Reduction Act Included A Provision That Required All Medicare Part D Plans To Charge No More Than $35 Per Month For All Covered Insulin Products. According to KFF, "In 2022, President Biden signed into law the Inflation Reduction Act, which included a provision that requires all Part D plans to charge no more than $35 per month for all covered insulin products, and also limits cost sharing for insulin covered under Part B to $35 per month. Deductibles no longer apply to insulins under Part D or Part B." [KFF, 6/12/24]