Washington — President Biden and Vice President Kamala Harris are unveiling a new milestone Thursday in the administration’s efforts to lower prescription drug prices in their first official appearance together since the president exited the 2024 race.
Slated to appear at Prince George’s County Community College in Maryland, Mr. Biden and the party’s new presidential nominee, Harris, are expected to announce the outcome of the first Medicare drug price negotiation as part of the administration’s efforts to lower costs for Americans.
In a statement Thursday, the president said that for the first time, Medicare has reached agreements with drug manufacturers on lower prices for all 10 of the drugs selected for the initial round of negotiation. “It’s a relief for the millions of seniors that take these drugs to treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease, and more – and it’s a relief for American taxpayers,” Mr. Biden said.
The 10 prescription drugs in the first round included big names like Eliquis, Jardiance and Stelara, and others that have among the highest spending in Medicare Part D. The lower prices, which take effect in 2026, could save taxpayers around $6 billion in the first year, the White House said, while those who are enrolled in Medicare Part D would save around $1.5 billion in out-of-pocket costs.
The negotiated prices came after the passage of the Inflation Reduction Act, which gave Medicare the ability to negotiate with drugmakers on prescription prices. The president credited Harris’ tie-breaking vote in the Senate for propelling the legislation to passage in 2022.
Harris, who vaulted to the top of the Democratic ticket less than a month ago when Mr. Biden announced he wouldn’t be running for reelection, said in a statement that the administration isn’t stopping here, with plans to select additional drugs for price negotiations each year. The White House has also touted extending the $35 cap on insulin for Medicare recipients to the commercial market.
“President Biden and I will never stop fighting for the health, wellbeing, and financial stability of the American people,” she said.
While Harris hit the campaign trail in the aftermath of the president’s announcement that he would not run for reelection, Mr. Biden has largely kept out of the spotlight.