President Biden Discusses his Plan to Lower Prescription Drug Costs
March 15, 2023
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27:05Now PlayingPresident Biden Discusses his Plan to Lower Prescription Drug Costs
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as posted by the channelLas Vegas, NV
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Today, the Biden-Harris Administration released new data showing how President Biden’s prescription drug law is lowering health care costs and prescription drug prices for seniors across the country. Americans pay two to three times more for prescription drugs than citizens in other countries and the President and Congressional Democrats took on special interests to finally lower prices for Americans. Last August, President Biden signed into law the Inflation Reduction Act, which for the first time allows Medicare to negotiate lower prescription drug prices for seniors, caps the cost of insulin at $35, makes recommended vaccines free for Medicare beneficiaries, and requires prescription drug companies to pay rebates to Medicare if they raise their prices faster than inflation.
Already, millions of seniors are saving hundreds of dollars each per year because of the Biden Administration’s actions, and President Biden is fighting to expand these cost savings to all Americans. Last week, he released his FY2024 budget which proposes expanding Medicare’s negotiation authority to increase the number of drugs selected for negotiation sooner after they launch, making manufacturers pay rebates if they raise drug prices faster than inflation in the commercial market, and capping the price of insulin at $35 per month for everyone– not just seniors. Already, two of the three largest producers of insulin in the country – Eli Lilly and Novo Nordisk – announced they’re meeting President Biden’s call and lowering insulin costs.
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