President Joe Biden and Vice President Kamala Harris celebrated a landmark deal to lower prescription drug prices, declaring victory over big pharmaceutical companies. The deal, authorized by the Inflation Reduction Act, allows Medicare to negotiate lower drug prices, saving an estimated $6 billion for the program and $1.5 billion directly for seniors.
At a joint event in Maryland, Biden and Harris touted the achievement as a fulfillment of a long-sought legislative ambition. Harris called Biden “our extraordinary president” and praised his record, while Biden referred to Harris as an “incredible partner” who would “make one hell of a president.”
The negotiated prices, taking effect in 2026, will impact 10 popular medications, including blood thinners and diabetes treatments. Republican lawmakers have criticized the move, arguing it will stifle innovation and lead to fewer lifesaving drugs being developed.
Biden countered that the deal will help ease costs for American seniors, who spend upwards of $13,000 annually on medical services and medications. He also warned that a second Trump term would repeal Medicare’s authority to negotiate drug prices.
The event marked a rare joint appearance by Biden and Harris since she replaced him as the Democratic nominee. Harris’s success may hinge on how voters perceive the administration’s economic agenda, which she helped deliver as vice president. As they celebrated the deal, they also looked to the future, with Biden passing the torch to Harris and pledging to continue fighting against big pharma.
Medicare has reached agreements with manufacturers of all 10 drugs selected for drug price negotiation.
That means the prices of these ten drugs will be cut 40% to 80%.
And folks, this is only the first ten.
We’re not stopping here. pic.twitter.com/nFi8FcFE3Z
— President Biden (@POTUS) August 15, 2024
