Biden and Harris announce historic agreement to lower drug prices for seniors

(MENAFN) On Thursday, US President Joe Biden and Vice President Kamala Harris unveiled a major agreement to reduce the cost of 10 essential drugs for seniors, bolstering Harris' economic agenda ahead of the upcoming presidential election. According to the White House statement, this deal with pharmaceutical companies is expected to save American seniors $1.5 billion and reduce federal Medicare spending by $6 billion in the first year. This initiative is part of the Inflation Reduction Act of 2022, which gives Medicare the authority to negotiate prices on some of its most expensive drugs.

The new pricing structure, set to take effect in 2026, will cover widely used drugs, including diabetes drugs Januvia and Jardiance, blood thinners Eliquis and Xarelto, and cancer drug Imbruvica. The upcoming changes are expected to significantly reduce prescription costs for Medicare beneficiaries, who are primarily age 65 and older. Although specific price cuts have not yet been announced, the administration's announcement is a strategic move to address growing concerns about high drug prices, an issue that remains a critical concern for voters.

This announcement comes as Vice President Harris continues to advance her economic agenda and seeks to address voters' top concerns ahead of the November 5 election, in which she will face former President Donald Trump. Harris stressed that access to affordable health care should be a universal right, regardless of an individual's financial situation, underscoring the administration's commitment to making health care more accessible and affordable for all Americans.

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