The discounts, agreed to after months of negotiations with drug manufacturers, range between 38% and 79%.
FILE - President Joe Biden attends a church service, July 7, 2024, in Philadelphia. Biden's upcoming speech Monday, July 29, commemorating the 60th Anniversary of the Civil Rights Act has taken on a much different symbolism in the two weeks it took to reschedule his trip due to contracting COVID-19.
“I’ve been waiting for this moment for a long long time,” President Joe Biden said Thursday, during his first policy-oriented appearance with Vice President Kamala Harris since leaving the presidential race. “We pay more for prescription drugs, it’s not hyperbole, than any advanced nation in the world.”
With the new prices, the administration says savings are expected to total $6 billion for taxpayers and $1.5 billion overall for some of the 67 million people who rely on Medicare. Details on those calculations, however, have not been released. And the White House said it could not provide an average cost-savings for individual Medicare enrollees who use the drugs.
“It is hard to say, exactly, what any enrollee will save because it depends on their particular plan and their coinsurance,” Neuman said. “But for the many people who are in the plans that charge coinsurance, the lower negotiated price should translate directly to lower out-of-pocket costs.” “Two years ago, as vice president, I was proud to cast the tie-breaking vote that gave Medicare the power to negotiate,” Harris said to cheering crowds. “In the two years since, we’ve been using this new power to lower the price of life-saving medication.”
Instead, they warned Thursday that the new law could drive up prices for consumers in other areas. Already, the White House is bracing for a jump in Medicare drug plan premiums next year, in part because of changes under the new law.
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