White House officials say they expect taxpayers to save $6 billion and older adults could save roughly $1.5 billion in total on their medications.
President Joe Biden speaks about prescription drug costs at the National Institutes of Health in Bethesda, Md., Thursday, Dec. 14, 2023. WASHINGTON — The Biden administration said Thursday that drug price negotiations will knock hundreds of dollars — in some cases thousands — off the list prices of 10 of Medicare’s most popular and costliest drugs.
Medicare spent $50 billion covering the drugs last year and taxpayers are expected to save $6 billion on the new prices, which do not go into effect until 2026. Older adults could save as much as $1.5 billion in total on their medications in out-of-pocket costs. Administration officials released few details about how they arrived at those calculations.
The drug deals will become a focal point for Vice President Kamala Harris’ presidential campaign, especially since she cast the tiebreaking vote to pass the law. She will join Biden on Thursday to announce the drug prices, in what will be their first joint speaking appearance since she replaced him at the top of the Democratic ticket, as they both struggle to persuade voters that costs will trend down after years of above-normal inflation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearlyWhite House officials said 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
Read more »
Biden administration announces Medicare deal to lower costs of top drugsMedicare spent $50 billion covering the drugs last year.
Read more »
Deals will lower prices of Medicare's costliest drugs, White House says — see the listFederal officials reached deals with drug companies to lower the cost for 10 of Medicare’s costliest drugs. Here's what to know.
Read more »
Deals struck to lower prices of Medicare’s costliest drugs, White House saysFederal 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.
Read more »
Deal will lower prices of Medicare’s costliest drugs, White House saysFederal 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.
Read more »
White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearlyOlder Americans could save roughly $1.5 billion when filling prescriptions.
Read more »