Biden-Harris administration announces price reductions for prescription drugs for seniors

The Biden-Harris administration announced today that millions of seniors with Medicare will see significant price reductions on prescription drugs as a result of negotiations with 10 drugmakers. “Kamala and I and others in this room will continue to stand up to the pharmaceutical industry. I've fought too damn hard to give in now,” President Joe Biden said. Vice President Kamala Harris stressed the importance of the initiative for seniors. “No senior should have to choose between filling their prescription and paying their rent,” Harris said. The White House said the inflation reduction bill will save taxpayers $6 billion and Medicare enrollees $1.5 billion in out-of-pocket costs for 10 commonly used drugs, including treatments for diabetes, blood clots and cancer.”Anyone who has their Medicare Part D plan, which is prescription drug coverage, will likely see some benefits,” AARP's Bill Sweeney said. In many cases, list prices will be cut in half. For example, the list price of the blood thinner Eliquis will drop from $521 to $231. “We at AARP know that about three in 10 people don't fill the medications a doctor has prescribed for them because they can't afford them. So this will be an absolute game changer,” Sweeney said. However, not everyone supports the move. Republican critics and pharmaceutical representatives argue that it will lead to “higher costs, more frustrating denials from insurance companies, and fewer treatments and cures for our loved ones.” The new prices will take effect in 2026, and another set of drugs is set to be negotiated next year.