Report: Biden Health Care Reforms Will Cut Prescription Costs, Cap Insulin Price at $35 President Biden’s “Build Back Better” plan will reduce prescription drug costs through Medicare price negotiations, lower out-of-pocket fees, and tax penalties for Big Pharma.
By Main Street Sentinel Staff
President Biden plans to enact major reforms that will lower health care costs for families, according to a White House report.
Under Biden’s “Build Back Better” plan, Medicare will gain the right to negotiate with pharmaceutical companies for drug prices, including drugs available at pharmacies and those administered by doctors. “Medicare will negotiate up to 10 drugs per year” in 2023, eventually increasing to “up to 20 drugs per year.”
Pharmaceutical companies have long had leeway in setting the prices of life-saving prescriptions. Now, Biden plans to impose a tax penalty that will prevent drug companies from raising prices “faster than inflation.” Other measures include limiting out-of-pocket costs for insulin, which will be locked in at $35 dollars a month.
“The economy has worked great for those at the top, while working families get squeezed,” states the White House report. “We will finally put an end to the days where drug companies could raise their prices with impunity.”