Medicare spent $50 billion covering the drugs last year.
FILE - President Joe Biden leaves after speaking about prescription drug costs at the National Institutes of Health in Bethesda, Md., Dec. 14, 2023.
Nonetheless, the newly negotiated prices — still elusive to the public as of early Thursday morning — will impact the price of drugs used by millions of older Americans to help manage diabetes, blood cancers and prevent heart failure or blood clots. "This meant that drug companies could basically charge whatever they want for life-saving treatments people rely on, and all Americans paid the price," White House adviser Neera Tanden told reporters in a Wednesday night call.
Powerful pharmaceutical companies unsuccessfully tried to file lawsuits to stop the negotiations, which became law in 2022, when a Democratic-controlled Congress passed the Inflation Reduction Act, overhauling several Medicare prescription drug regulations. But executives of those companies have also hinted in recent weeks during earnings calls that they don't expect the negotiations to impact their bottom line.
Drugs Prices Negotiations Administration Biden Savings Pharmaceutical Companies
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