Biden says his administration is focused on lowering prescription drug costs
President Joe Biden is announcing fines on drugmakers for raising prices on some drugs faster than inflation for people on Medicare, which will lower coinsurance payments.
President Joe Biden on Wednesday announced fines on drugmakers for raising prices on some drugs faster than inflation for people on Medicare, a move that will lower people's coinsurance payments.
In a speech in Las Vegas, Biden said the move will "change the way drugs are priced.”
“It’s not just your health,” Biden said. “It’s about your dignity, it’s about your security. That’s why my administration is focused intensely on getting more people affordable health care, by lowering prescription drug costs and giving families just a little bit — as my dad would say — a little bit of breathing room.”
Ahead of Biden’s remarks, administration officials previewed the actions he and his health care team have taken to lower drug costs in a call with reporters Tuesday night.
The Inflation Reduction Act, which the president signed into law last year, includes prescription drug provisions that penalize pharmaceutical companies for raising prices for certain drugs faster than the rate of inflation for Medicare beneficiaries, the officials noted.
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