President Biden and Vice President Kamala Harris made their first official appearance together since the president exited the 2024 race at Prince George’s County Community College in Maryland. They announced the successful negotiation of lower prices for 10 prescription drugs under Medicare, saving taxpayers an estimated $6 billion in the first year and reducing out-of-pocket costs for Medicare Part D enrollees by $1.5 billion. These negotiations were made possible by the passage of the Inflation Reduction Act, which allowed Medicare to negotiate with drug manufacturers on prescription prices. Vice President Harris played a crucial role in getting this legislation passed in 2022.
The 10 prescription drugs that were negotiated for lower prices include well-known medications like Eliquis, Jardiance, and Stelara, which have high spending in Medicare Part D. The reduced prices are set to take effect in 2026 and will provide significant cost savings for both taxpayers and Medicare enrollees. President Biden and Vice President Harris expressed their commitment to continuing these efforts to lower prescription drug costs and announced plans to select additional drugs for price negotiations each year. They also highlighted the extension of the $35 cap on insulin for Medicare recipients to the commercial market as part of their ongoing commitment to the health and financial stability of Americans.
President Biden praised the outcome of the negotiations as a relief for millions of seniors who rely on these medications to treat various health conditions. He emphasized that the lower prices will benefit seniors with conditions such as heart failure, blood clots, diabetes, arthritis, and Crohn’s disease, while also being a positive development for American taxpayers. Vice President Harris affirmed their dedication to fighting for the wellbeing of the American people and emphasized that the administration’s efforts to lower prescription drug prices are just the beginning of their commitment to improving healthcare access and affordability.
The success of these drug price negotiations marks a significant milestone in the Biden-Harris administration’s efforts to make healthcare more affordable and accessible for all Americans. By leveraging Medicare’s ability to negotiate with drug manufacturers, the administration has been able to secure lower prices for essential medications, resulting in substantial cost savings for both taxpayers and Medicare beneficiaries. This achievement underscores the importance of legislative initiatives like the Inflation Reduction Act, which empowered Medicare to engage in price negotiations and prioritize the health and financial stability of the American people.
President Biden and Vice President Harris’s joint announcement at Prince George’s County Community College highlights their shared commitment to addressing the rising cost of prescription drugs and ensuring that all Americans have access to affordable healthcare. By extending the $35 cap on insulin and selecting additional drugs for price negotiations in the years to come, the administration is taking proactive steps to lower costs and improve health outcomes for individuals across the country. This collaborative effort between the president and vice president demonstrates their dedication to making meaningful progress on critical healthcare issues and underscores the importance of continued investment in initiatives that prioritize the wellbeing of all Americans. The successful negotiation of lower drug prices under Medicare serves as a testament to the Biden-Harris administration’s commitment to improving the healthcare system and creating a more equitable and affordable healthcare landscape for all.
