US elections 2024: President Biden announces 10 drugs for price negotiations

United States President Joe Biden, whose election campaigns have been focused on easing the financial woes of the voters, on Wednesday (August 30) launched a bid to decrease the cost of particular prescription drugs.

"Millions of Americans are forced to choose between paying for medications they need to live, or paying for food, rent, and other basic necessities. Those days are ending," President Biden pledged in a statement, a move that will be contested by Big Pharma in the court.

While delivering a speech in the White House later in the day, the president said pharmaceutical giants were "hoping the courts will do what Democrats in Congress wouldn't do: protect their exorbitant profits and keep negotiations from happening."

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“For all of you out there, I get it, and millions of Americans get it. I promise you. I’m going to have your back and I’ll never stop fighting for you on this issue,” he said.

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Medicare to negotiate prices of 10 drugs

With the use of new powers given under last year's Inflation Reduction Act, which is a major legislative package of social reforms and energy transition policy, 10 drugs were chosen by the US government for which Medicare will be given the power to negotiate the price. Medicare is the government's health insurance scheme for people above the age of 65.

Previously, Medicare did not have the power to negotiate drug prices which resulted in costs of drugs available in the US being higher than "any other major economy in the world," Biden stated.

On average, the United States has been paying 2.5 times more for prescription drugs compared to other countries like France, as per a study submitted by the Rand Corporation.

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As per the US government, around $3.4 billion was spent by senior citizens last year from their own pockets to purchase the 10 drugs that have been mentioned in the list and can treat blood clots, diabetes, heart problems, psoriasis and blood cancers.

The officials of the White House did not specify how much cost-cutting is expected to happen from their negotiations, however, Biden cited the ability of the government to get the drug prices for veterans that were "50 per cent less than Medicare."

Under the IRA, the federal government has the freedom to add more drugs to its negotiating list every year. Medicare price negotiations have been opposed by the pharmaceutical industry for decades, and many companies have already filed lawsuits against the action.

(With inputs from agencies)

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