President Joe Biden and Vice President Kamala Harris made their first public appearance together since Biden exited the presidential race and endorsed Harris. The event took place in Maryland on August 15, where they discussed the progress in reducing prescription drug costs.
During the gathering at Prince George’s County Community College, Biden highlighted the excessive costs Americans pay for prescription drugs compared to other advanced nations. He criticized the pharmaceutical industry for spending $400 million on lobbying Congress to oppose cost reduction programs. Biden celebrated the victory over Big Pharma at the event.
The Department of Health and Human Services announced an agreement with drug companies on August 15 to lower prices for 10 of the most expensive prescription drugs covered under Medicare. The new prices, effective in 2026, are expected to save seniors and other beneficiaries $1.5 billion in the program’s first year.
Vice President Harris pointed out that Medicare now has the power to negotiate lower drug prices due to the Inflation Reduction Act signed into law in August 2022. The selected drugs, including treatments for heart failure, blood clots, diabetes, arthritis, and Crohn’s disease, are estimated to save Medicare $6 billion in the first year.
Additionally, Harris emphasized the importance of health care accessibility for all Americans, regardless of income or wealth. The program will expand to negotiate prices for more drugs in the coming years, with up to 20 new drugs annually after 2026.
The new prices on the 10 selected drugs will benefit Medicare Part D prescription drug coverage recipients in 2026. The drugs affected include well-known medications such as Eliquis, Xarelto, Januvia, Jardiance, Enbrel, Imbruvica, Farxiga, Entresto, Stelara, Fiasp, and NovoLog.
In conclusion, the Biden administration’s efforts to lower prescription drug costs and promote economic relief for Americans are ongoing. Vice President Harris is expected to address Congress on August 16 to advocate for a federal ban on price gouging as part of her economic plan to reduce costs. Can you please rewrite this sentence?
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