New Delhi: President Biden and Vice President Harris will continue negotiations on additional drugs next year, allowing Medicare to negotiate drug prices for the first time in history, a White House press release said.
The two officials also said that they would cap the cost of insulin at $35 per month for those who have Medicare coverage and require drug companies to pay rebates to Medicare if they raise drug prices faster than inflation.
In a statement, Biden said, “Americans pay two to three times more than people in other countries for the exact same prescription drugs. It’s completely unacceptable.”
She added, “We’ve also capped the cost of insulin at $35 a month for those with Medicare, and required drug companies to pay rebates back to Medicare if they raise their prices faster than inflation. But too many people still struggle to afford their medications.”
The statement continued, “That is why last month, Senator Sanders and I called on drug manufacturers to lower their prices on popular drugs to combat obesity, diabetes, and cardiovascular disease. The prices of these drugs can be up to six times higher in America than in Canada, Denmark, and other similar countries.”