Biden and Harris to announce lower drug prices at first event together since 2024 campaign.
President Biden and Vice President Kamala Harris are making headlines once again with their latest announcement on the administration’s efforts to lower prescription drug prices. This comes as their first official appearance together since the president exited the 2024 race. The duo is set to take the stage at Prince George’s County Community College in Maryland to share the outcome of the first Medicare drug price negotiation as part of their ongoing mission to reduce costs for Americans.
In a recent statement, President Biden expressed his satisfaction with the news that Medicare has successfully negotiated lower prices for all 10 selected drugs in the initial negotiation round. These drugs, used to treat conditions ranging from heart failure to arthritis, are now more affordable thanks to the agreements reached with drug manufacturers. This development is not only a relief for the millions of seniors who rely on these medications but also a positive step for American taxpayers.
The list of prescription drugs in the first round of negotiations includes well-known names like Eliquis, Jardiance, and Stelara, among others with high spending in Medicare Part D. The reduced prices are scheduled to take effect in 2026 and are projected to save taxpayers approximately $6 billion in the first year. Additionally, Medicare Part D enrollees are expected to save around $1.5 billion in out-of-pocket costs.
The ability for Medicare to negotiate prescription drug prices came into effect following the passage of the Inflation Reduction Act. This legislation granted Medicare the power to engage in negotiations with drugmakers, ultimately leading to the lower prices announced by the president. Harris played a crucial role in this process, breaking the tie in the Senate and helping propel the legislation to success in 2022.
Vice President Harris, who recently became the presidential nominee following President Biden’s decision not to seek reelection, emphasized that the administration’s efforts do not end here. Plans are already in motion to select more drugs for price negotiations on an annual basis. Furthermore, the White House is committed to extending the $35 cap on insulin for Medicare recipients to the commercial market.
Expressing her and President Biden’s dedication to the health, wellbeing, and financial stability of the American people, Harris reiterated their ongoing commitment to fighting for the interests of the nation. While Harris has been actively campaigning in light of the president’s announcement, President Biden has taken a more low-key approach and stayed out of the limelight in recent times.
