The price reduction will save older adults billions.
The Biden-Harris administration announced on Aug. 15 that it reached an agreement with drug manufacturers to reduce the prices of ten prescription drugs under Medicare.
“For far too long, Americans have paid more for their prescription drugs than any developed nation. Today, the Biden-Harris Administration is delivering on its promise to lower out-of-pocket drug costs for seniors and save money for Americans,“ the administration said in a press release.
White House Domestic Policy Adviser Neera Tanden said this “historic moment” will result in big savings for older Americans.
“Millions of seniors and others on Medicare will soon see their drug costs go down on some of the most common and expensive drugs that treat heart disease, cancer, diabetes, blood costs, and more,” she said in a press conference.
The negotiations, mandated under the Inflation Reduction Act, began in January.
Pharmaceutical Research and Manufacturers of America issued a statement condemning the negotiations.
“The administration is using the IRA’s (Inflation Reduction Act) price-setting scheme to drive political headlines.”
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Source: Black Enterprise
