WASHINGTON (AP) — Taxpayers are expected to save billions after the Biden administration inked deals with pharmaceutical companies to knock down the lists prices for 10 of Medicare’s costliest drugs.
Associated PressWASHINGTON — Taxpayers are expected to save billions after the Biden administration inked deals with pharmaceutical companies to knock down the lists prices for 10 of Medicare’s costliest drugs.
“I've been waiting for this moment for a long long time," President Joe Biden said Thursday, during his first policy-oriented appearance with Vice President Kamala Harris since leaving the presidential race. “We pay more for prescription drugs, it’s not hyperbole, than any advanced nation in the world."
That's because there are a number of factors — from discounts to the coinsurance or copays for the person's Medicare drug plan — that determine the final price a person pays when they pick up their drugs at a pharmacy. Those savings won't kick in until 2026. Until then, some Medicare enrollees should see relief from drug prices in a new rule starting next year that caps how much they pay annually on drugs to $2,000.
Prior to dropping out of the race, Biden had centered his reelection bid around lowering health care and drug costs. But the messaging failed to resonate deeply with Americans, in part because the savings have not had widespread reach.
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