The new low prices are for medications including those for diabetes, blood pressure and arthritis
Federal health insurance plan Medicare successfully negotiated lower prices for the 10 most commonly used prescription medications, including those for diabetes, blood pressure and arthritis. Discounts range from 38% to 79%, the Biden administration announced yesterday.
The new prices will take effect in 2026. According to officials, the revised costs will save taxpayers $6 billion and seniors $1.5 billion in out-of-pocket expenses.
President Joe Biden and Vice President Kamala Harris celebrated the achievement.
However, the drug industry argues that the process is unconstitutional and could lead to limited patient savings due to insurance and pharmacy practices.
Medicare will negotiate prices for 15 more drugs by February 2027.
It is the first time the government has directly negotiated drug prices. It was a long-term goal for the Democrats and is likely a key talking point for Kamala Harris’s campaign for the upcoming presidential election.
In campaign news, Harris and former president Donald Trump’s campaigns have spent over $110 million on ads in seven swing states since July 22. Pennsylvania has received the most attention, with $42 million spent there.
Both candidates are making in-person appearances in Pennsylvania, with Trump holding a rally on Saturday and Harris doing a bus tour on Sunday.