Biden touts lower prescription drug costs starting in 2024
WASHINGTON (NEXSTAR) – President Biden spoke at the National Institutes of Health in Bethesda, Maryland Thursday to highlight the cost-saving measures from the Inflation Reduction Act that will start in the new year.
“This isn’t just about healthcare,” Biden said. “It’s about your dignity.”
Among many changes, one major shift is that ten medicines will now be subject to price negotiations with Medicare plans.
“They are ripping off Medicare,” Biden accused the pharmaceutical industry. “They are ripping off the American people.” He went on to declare, “With this law, we finally beat big pharma.”
The president also referenced total out-of-pocket caps of $3,500 in 2024 and $2,000 in 2025. According to the Medicare website, those with Medicare Plan D will be eligible for such caps.
President Biden proclaimed, “In all, this law is going to save the federal government $160 billion over the next ten years.”
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