Biden, Harris announce historic agreement to cut drug prices for seniors
Date
8/18/2024 5:38:57 AM
(MENAFN) On Thursday, U.S. President Joe Biden and Vice President Kamala Harris unveiled a significant agreement aimed at reducing the cost of 10 essential drugs for seniors, a move designed to enhance Harris's economic platform ahead of the upcoming presidential election. According to the White House statement, this deal with Pharmaceutical companies is expected to save American seniors USD1.5 billion and cut federal Medicare expenses by USD6 billion in the first year. This initiative is part of the Inflation Reduction Act of 2022, which grants Medicare the authority to negotiate prices for some of its most costly drugs.
The new pricing structure, set to be implemented in 2026, will cover widely used medications including diabetes treatments Januvia and Jardiance, blood thinners Eliquis and Xarelto, and the cancer drug Imbruvica. The forthcoming changes are anticipated to significantly reduce prescription costs for Medicare beneficiaries, who are primarily aged 65 and older. Although specific price reductions have not yet been disclosed, the administration’s announcement is a strategic move to address rising concerns about high drug prices, an issue that remains a critical concern for voters.
This announcement comes as Vice President Harris continues to promote her economic agenda and seeks to address key voter concerns ahead of the November 5 election, where she will face off against former President Donald Trump. Harris emphasized that access to affordable healthcare should be a universal right, regardless of an individual's financial situation, underscoring the administration's commitment to making healthcare more accessible and affordable for all Americans.
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