The Biden administration has been working on strategies to reduce the price of prescription drugs. In November last year, President Joe Biden announced his prescription drug pricing plan that included:
- allowing Medicare to negotiate prices for high-cost prescription drugs,
- penalizing pharmaceutical companies that increase prices faster than inflation, and directly lowering out-of-pocket for seniors.
In April, Pres. Biden said it is “unconscionable” that the cost of prescription drugs is more expensive in the United States than in other developed countries.
He also stated, “Let’s do something that will bring down prices, lower the cost of prescription drugs. Imagine what it’s like if you don’t have insurance, you don’t have the cash. Look at your child knowing what they need and knowing there’s not a damn thing you can do about it. Not only is your child put in jeopardy, [but] you’re also deprived of your dignity.”
Pres. Biden emphasized, “We’re not asking drug companies to do anything that they can’t afford.”
