Outrageously Expensive: Biden Presses Congress To Pass Reforms To Lower Prescription Drug Costs

Since the pandemic, Pharmaceutical companies have taken a financial blow. With nationwide shutdowns, doctors were not prescribing medications as much.

To offset that decline in revenue, drug companies raised the prices on more than 500 drugs.

President Joe Biden wants to ensure increasing drug costs do not force people to make the difficult decision between medications and other needs.

Here's a look at Biden's plan.

It will allow Medicare to negotiate drug prices.

Medicare negotiators would provide a framework for what constitutes a fair price for each drug.

It will make other needed reforms to lower prices.

It's possible drug companies that raise their prices faster than inflation may have to pay a penalty.

It will build on existing progress.

Work on importing safe, lower-cost prescription drugs from Canada and accelerating the development and uptake of generic and biosimilar drugs that give patients the same clinical benefit but at a fraction of the price.

- Biden hopes the reform will lower premiums and copays for millions of Americans.

- Drop insulin and arthritis medicines prices by hundreds of dollars on average.

- Drop the price of the most expensive drugs by tens of thousands of dollars per year.

- Save cancer patients at least $9,000 a year of their out-of-pocket costs, and save Medicare beneficiaries would save about $200.

Eliot Fishman, Senior Director of Health Policy, Families USA spoke with #RMU guest host Amicia Ramsey about Biden's push to lower prescription drug prices for Americans

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