<p>The Biden administration on Tuesday (August 29) unveiled a list of ten prescription medications that will undergo groundbreaking price negotiations within the US Medicare program.&nbsp;</p>

<p>The US Medicare program covers 66 million individuals. Notably, Eliquis, a widely used blood thinner from Bristol Myers Squibb and Pfizer, is included in the list of prescription medications that will undergo the price negotiations.</p>

<h2><strong>US medication price reforms: Why negotiations?</strong></h2>

<p>This is because the Inflation Reduction Act, deemed a significant achievement for President Joe Biden, permits the Medicare program for individuals aged 65 and above to engage in price negotiations for expensive drugs.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/science/what-is-xylazine-how-is-the-medicine-turning-people-into-zombies-565219">What is Xylazine? How is the medicine turning people into zombies?</a></strong></p>

<p>Biden in recent past has asserted the need to prevent Americans from overpaying for life-saving medications and boosting pharmaceutical companies' profits.</p>

<p>Upon implementation, the negotiated drug prices are expected to drop for around 9 million senior citizens, potentially reducing their current out-of-pocket expenses that can reach up to $6,497 annually.</p>

<h2><strong>Inflation Reduction Act: Which all medications are included?</strong></h2>

<p>The list comprises various medicines, such as Januvia by Merck &amp; Co, Xarelto by Johnson &amp; Johnson, and Imbruvica by AbbVie, among others.&nbsp;</p>

<p>This move initiates negotiations for these drugs, with their new prices set to take effect in 2026. The program aims to save $25 billion each year on drug costs by 2031.</p>

<p><strong>Also watch |&nbsp;U.S.-EU spat over America's Inflation Reduction Act</strong></p>

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<p>Some drug manufacturers, including Bristol Myers, Johnson &amp; Johnson, Merck, AstraZeneca, and Boehringer Ingelheim, have contested the pricing process through legal action against the U.S. Department of Health and Human Services.</p>

<p>The selection of the initial ten drugs for negotiation is based on specific criteria outlined by Medicare. These drugs must be sold in pharmacies, lack significant generic competition, and have been available on the market for at least nine years, or 13 years for more complex biotech drugs.</p>

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The Biden administration on Tuesday (August 29) unveiled a list of ten prescription medications that will undergo groundbreaking price negotiations within the US Medicare program.

The Biden administration on Tuesday (August 29) unveiled a list of ten prescription medications that will undergo groundbreaking price negotiations within the US Medicare program. The US Medicare program covers 66 million individuals. Notably, Eliquis, a widely used blood thinner from Bristol Myers Squibb and Pfizer, is included in the list of prescription medications that will undergo the price negotiations. US medication price reforms: Why negotiations? This is because the Inflation Reduction Act, deemed a significant achievement for President Joe Biden, permits the Medicare program for individuals aged 65 and above to engage in price negotiations for expensive drugs. Also read | What is Xylazine? How is the medicine turning people into zombies? Biden in recent past has asserted the need to prevent Americans from overpaying for life-saving medications and boosting pharmaceutical companies' profits. Upon implementation, the negotiated drug prices are expected to drop for around 9 million senior citizens, potentially reducing their current out-of-pocket expenses that can reach up to $6,497 annually. Inflation Reduction Act: Which all medications are included? The list comprises various medicines, such as Januvia by Merck & Co, Xarelto by Johnson & Johnson, and Imbruvica by AbbVie, among others. This move initiates negotiations for these drugs, with their new prices set to take effect in 2026. The program aims to save $25 billion each year on drug costs by 2031. Also watch | U.S.-EU spat over America's Inflation Reduction Act × Some drug manufacturers, including Bristol Myers, Johnson & Johnson, Merck, AstraZeneca, and Boehringer Ingelheim, have contested the pricing process through legal action against the U.S. Department of Health and Human Services. The selection of the initial ten drugs for negotiation is based on specific criteria outlined by Medicare. These drugs must be sold in pharmacies, lack significant generic competition, and have been available on the market for at least nine years, or 13 years for more complex biotech drugs. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Inflation Reduction Act: Diabetes medications among first ten drugs for US price negotiations

Washington is facing some backlash from its European allies - European Union, Britain and others on settled by parts of a US law. The multi-billion dollar company inflation reduction act, subsidies and tax cuts for US purchases of electric vehicle if they 'buy American'.

U.S.-EU spat over America's Inflation Reduction Act

President Joe Biden stated on Tuesday (13 December) that although there is still work to be done, the inflation rate in the United States is decreasing and things are moving in the right direction.

‘Economic plan is working’ to slow inflation, says Biden

Efforts to resolve a simmering dispute between Europe and the United States over trade disputes are on. EU worried of U.S. Inflation Reduction Act. Watch further to know more.

U.S. and EU held meet to resolve trade tensions between them

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<p>On the day when the Consumer Price Index report was released and the US stock market took a beating, President Joe Biden was busy partying on the White House lawns. Reportedly, Biden threw an 'inflation reduction' party while the CPI report showed inflation hitting a worse-than-expected mark of '8.3' per cent.</p>

<p>"Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we're celebrating. Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People's House." tweeted President Biden from his official Twitter account.</p>

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<p dir="ltr" lang="en">Exactly four weeks ago, I signed the Inflation Reduction Act into law.<br />
<br />
So today, we're celebrating.<br />
<br />
Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People's House.</p>
— President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1569711466143416323?ref_src=twsrc%5Etfw">September 13, 2022</a></blockquote>
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<p>While the White House was delirious, the stock market was panicking. Reportedly, while the pace of consumer price inflation cooled compared to previous months, it was still touching a record four-decade high.</p>

<p><img alt="President Joe Biden" src="https://nypost.com/wp-content/uploads/sites/2/2022/09/biden-party-1080.jpg?w=1024" /><strong>Biden&nbsp;hosting a celebration for the Inflation Reduction Act at the White House (AP)</strong></p>

<p>Investors had hoped for better numbers but after the report release, they were forced to sell everything, leading to The Dow falling nearly 1300 points.&nbsp;</p>

<p>Moreover, inflation numbers suggest that the US central bank, the Federal Reserve may be hiking interest rates for a record fifth time this year, next week.</p>

<p>Read more:&nbsp;<a href="https://www.wionews.com/world/biden-signs-the-inflation-reduction-act-a-toned-down-version-of-his-build-back-better-plan-507583">Biden signs the Inflation Reduction Act, a toned down version of his Build Back Better plan</a></p>

<p>Meanwhile, US Senate minority leader Mitch McConnell said Biden and Democrats were&nbsp;“out of touch” on inflation.</p>

<p>“You can’t make it up: Hours after this terrible inflation report, the White House is hosting an ‘inflation reduction’ celebration. Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried.” tweeted the Republican leader.&nbsp;</p>

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<p dir="ltr" lang="en">You can’t make it up: Hours after this terrible inflation report, the White House is hosting an “inflation reduction” celebration. Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried.</p>
— Leader McConnell (@LeaderMcConnell) <a href="https://twitter.com/LeaderMcConnell/status/1569719535632093185?ref_src=twsrc%5Etfw">September 13, 2022</a></blockquote>
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<p>This is not the first time that Biden&nbsp;has come under the scanner for his apathy in the face of a crisis.&nbsp;</p>

<p>As reported by WION last month, Biden claimed that the US economy had 'zero inflation' in the month of July, thereby inviting seething criticism from Republicans across the board for trying to manipulate the numbers and present a rosy picture.&nbsp;</p>

<p>Read more:<a href="https://www.wionews.com/world/president-biden-claims-us-had-zero-per-cent-inflation-in-july-gets-trolled-by-republicans-505747" target="_blank">&nbsp;President Biden claims US had ‘zero per cent inflation’ in July; gets trolled by Republicans</a></p>

<p>&nbsp;"Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number: Zero," Biden had told reporters at the time.&nbsp;</p>

<p>The President further added, “Here’s what that means: while the price of some things go up, went up last month, the price of other things went down by the same amount. The result? Zero inflation last month."</p>

<p>While Biden may have been technically right, the overall picture was quite different. The CPI report released on the same day revealed that the rate of inflation was down 0.6 per cent from June's 9.1 per cent but it certainly did not mean that inflation had reached the magical 'zero' per cent mark.</p>

<p>Investors fear that the Fed hiking rates in an attempt to get ahead of inflation may be pushing the economy towards recession. However, for two consecutive months, Biden and his executives have failed to read the room and indulged in a PR party.&nbsp;</p>

<p>Read more:&nbsp;<a href="https://www.wionews.com/india-news/zero-probability-of-recession-in-india-while-us-has-a-40-per-cent-chance-study-500793">Zero probability of recession in India while US has a 40 per cent chance: Study</a></p>

<p><em>(With inputs from agencies)</em><br />
<br />
<strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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On the day when the Consumer Price Index report was released and the US stock market took a beating, President Joe Biden was busy partying on the White House lawns.

On the day when the Consumer Price Index report was released and the US stock market took a beating, President Joe Biden was busy partying on the White House lawns. Reportedly, Biden threw an 'inflation reduction' party while the CPI report showed inflation hitting a worse-than-expected mark of '8.3' per cent. "Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we're celebrating. Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People's House." tweeted President Biden from his official Twitter account. Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we're celebrating. Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People's House. — President Biden (@POTUS) September 13, 2022 × While the White House was delirious, the stock market was panicking. Reportedly, while the pace of consumer price inflation cooled compared to previous months, it was still touching a record four-decade high. Biden hosting a celebration for the Inflation Reduction Act at the White House (AP) Investors had hoped for better numbers but after the report release, they were forced to sell everything, leading to The Dow falling nearly 1300 points. Moreover, inflation numbers suggest that the US central bank, the Federal Reserve may be hiking interest rates for a record fifth time this year, next week. Read more: Biden signs the Inflation Reduction Act, a toned down version of his Build Back Better plan Meanwhile, US Senate minority leader Mitch McConnell said Biden and Democrats were “out of touch” on inflation. “You can’t make it up: Hours after this terrible inflation report, the White House is hosting an ‘inflation reduction’ celebration. Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried.” tweeted the Republican leader. You can’t make it up: Hours after this terrible inflation report, the White House is hosting an “inflation reduction” celebration. Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried. — Leader McConnell (@LeaderMcConnell) September 13, 2022 × This is not the first time that Biden has come under the scanner for his apathy in the face of a crisis. As reported by WION last month, Biden claimed that the US economy had 'zero inflation' in the month of July, thereby inviting seething criticism from Republicans across the board for trying to manipulate the numbers and present a rosy picture. Read more: President Biden claims US had ‘zero per cent inflation’ in July; gets trolled by Republicans "Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number: Zero," Biden had told reporters at the time. The President further added, “Here’s what that means: while the price of some things go up, went up last month, the price of other things went down by the same amount. The result? Zero inflation last month." While Biden may have been technically right, the overall picture was quite different. The CPI report released on the same day revealed that the rate of inflation was down 0.6 per cent from June's 9.1 per cent but it certainly did not mean that inflation had reached the magical 'zero' per cent mark. Investors fear that the Fed hiking rates in an attempt to get ahead of inflation may be pushing the economy towards recession. However, for two consecutive months, Biden and his executives have failed to read the room and indulged in a PR party. Read more: Zero probability of recession in India while US has a 40 per cent chance: Study (With inputs from agencies) WATCH WION LIVE HERE:

Biden parties as stock market tumbles, inflation worsens and Fed indicates rate hike

US manufacturers and consumers now have more reason to consider solar energy with the newly passed Inflation Reduction Act, which provides tax incentives for the development of a more robust industry. Some manufacturers say the initiative is crucial to national security.

WION-VOA Co-Production: US aims to reduce reliance on China; govt passes inflation reduction act

US President Joe Biden has signed the inflation reduction act into law. He hailed the bill as significant step against climate change. The package aims to make sweeping changes to US economy and to help utilities to lower-emission energy sources.

Biden signs inflation reduction act into law | US to spend $430 bn to fight climate change

The US Senate has passed Democrats' $750 billion 'Inflation Reduction Act'. It includes climate provisions, tax changes, drug pricing provisions, and more.

US Senate passed $740 billion 'Inflation Reduction Act' package