Joe Biden launches his "historic" offensive against Big Pharma to lower drug costs, the highest of any advanced economy, and announces the top ten drugs selected for price negotiation.
These are among the most common and expensive medicines (from heart problems to blood clots, from diabetes to arthritis), for which the over-65s paid 3.4 billion out of their own pockets in 2022.
The plan, according to the White House, will save millions of them thousands of dollars a year and taxpayers $160 billion when fully operational.
For too long, Americans have paid more for prescription drugs than any other major economy. And while the pharmaceutical industry makes record profits, millions of Americans are forced to choose between paying for the drugs they need to live or paying for food, rent and other basic necessities. Those days are ending. We achieved this thanks to the Inflation Reduction Act, one of the most significant laws ever enacted and passed with the leadership of the Democrats in Congress. We confronted Big Pharma and special interests, overcoming the opposition of all Republicans in Congress, and the American people won." "Once the plan is implemented, negotiated drug prices will fall for an estimated 9 million seniors, who currently pay up to $6,497 a year out of pocket for those prescriptions. In addition, the nonpartisan Congressional budget office predicts that this will save taxpayers $160 billion by reducing the amount paid by Medicare for drugs through negotiation and inflation reimbursements. "This plan is a fundamental part of Bidenomics, my economic vision to grow the economy from the center and from the bottom up, and not vice versa. And it works. That's why Big Pharma has already filed eight lawsuits against my administration and spent nearly $400 million last year trying to stop our progress. Let me be clear: I will not back down. There is no reason why Americans should be forced to pay more than any other developed nation for life-saving prescriptions just to line Big Pharma's pockets. For many Americans, the cost of a drug represents the difference between life and death, dignity and dependence, hope and fear." Negotiations for the first group of drugs will begin this year but negotiated prices will come into force in 2026
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