CONCORD, N.H. – President Biden toured New Hampshire with Sen. Bernie Sanders on Tuesday to tout his administration’s progress in reducing drug costs as he seeks to solidify his policy legacy.
Biden said Americans pay some of the highest prices in the world for prescription drugs because drug companies charge high prices. “This is not capitalism. Big Pharma not playing by the rules is exploitation,” Biden said.
Speaking at Concord Community College, Biden highlighted a new report from the Department of Health and Human Services that finds that about 1.5 million Medicare enrollees saved nearly $1 billion on prescription drugs in the first half of 2024. At a White House event, the president criticized former President Donald Trump for saying the Republican candidate had a “vision” for a health care plan, a move that marked a major shift in official and political events in a presidential election year. It’s the latest example of how blurred the lines can be.
“I try to be a very good person,” Biden said. “I’m not going to let the Irish go to waste. But my predecessor, a distinguished former president, wants to replace the Affordable Care Act with what he calls the concept of a plan. ” He has been hearing about the concept of a plan for almost eight years, but what is the concept of a plan? He has no plan! ”
These savings are the result of drug out-of-pocket caps established by the President’s signature law of 2022, the Inflation Control Act. This law capped out-of-pocket costs for Medicare drugs. Beneficiaries earning $3,500 a year are eligible, but next year that cap will drop to $2,000 a year.
“There’s been a lot of discussion in Congress about this, but little success,” said Leighton Khoo, a professor at George Washington University’s School of Health Policy and Management. It also has to do with the facts.” the university said in an interview with CBS News. “So the fact that the Biden administration was able to work with Congress to get even these little things done is impressive.”
The Biden administration has so far negotiated prices for 10 widely used prescription drugs as a result of its interactions with Medicare and drug companies, including capping insulin at $35 per month for many patients. It was set.
The White House on Monday also proposed a plan that, if enacted, would require private insurance companies to cover over-the-counter contraceptives at no cost to patients.
In a statement released ahead of Tuesday’s event, Sanders praised his administration’s efforts to lower drug prices. “For the first time in history, Medicare is negotiating lower prices for some of America’s most expensive prescription drugs,” the Vermont senator said. “But let me be clear: There is much more work to be done. In my opinion, no one in the United States should pay more for prescription drugs than in Europe or Canada.”
Biden is also expected to stop by a campaign office during his stay in the Granite State.
Katherine Watson contributed to this report.
