Federal officials reached deals with drug companies to lower the cost for 10 of Medicare’s costliest drugs, but shared few immediate details about the new price older Americans will pay.
The White House said Wednesday that federal officials struck deals with drug companies to lower the price for 10 of Medicare’s most popular and costliest drugs. However, few details were shared about the new price older Americans will pay for those prescriptions. Biden administration officials said Wednesday night that they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications.
The drug deals will become a focal point for Vice President Kamala Harris’ presidential campaign, especially since she cast the tie-breaking vote to pass the law. She will join President Joe Biden on Thursday to announce the drug prices. It will be their first joint speaking appearance since she replaced him at the top of the Democratic ticket, as they both struggle to convince voters that costs will trend down after years of above-normal inflation.
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