House clears bill on climate change, drug prices
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The U.S. House of Representatives voted 220 to 207 along party lines on Friday to pass the Inflation Reduction Act, paving the way for wide-ranging reforms in healthcare and clean energy.
The lawmakers returned from their summer recess to approve the $430B bill, which includes measures to allow historic Medicare drug price negotiations, cap seniors' drug expenses at $2,000 per year, and seniors' insulin costs at $35 per month.
Next, President Joe Biden is expected to sign the bill into law. "Today, the American people won. Special interests lost," Biden wrote on Twitter.
Speaker of the House Nancy Pelosi noted ahead of the vote: "It is a resounding victory for America's families." She described the legislation as "a robust cost-cutting package that meets the moment, ensuring that our families thrive and that our planet survives."
The Inflation Reduction Act is likely to impact leading insulin makers Eli Lilly (NYSE:LLY), Novo Nordisk (NVO), and Sanofi (SNY), as well as EV companies Tesla (TSLA) and Ford (F).
Senate passed the bill on Sunday afternoon following a 27-hour session.
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