Biden-Harris lower prices for 10 Medicare drugs: Meet their multi-millionaire Big Pharma CEOsDeepak Puri
Biden-Harris Administration Announces New, Lower Prices for First Ten Drugs Selected for Medicare Price Negotiation to Lower Costs for Millions of Americans
“Americans pay more for their prescription drugs than any developed nation. The Biden-Harris Administration is delivering on its promise to lower out-of-pocket drug costs… American taxpayers are expected to save $6 billion on prescription drug costs, and people enrolled in Medicare are expected to save $1.5 billion in out-of-pocket costs in 2026 alone.
President Biden and Vice President Harris took on Big Pharma and won, and now millions of seniors and others on Medicare will soon see their drug costs go down on some of the most common and expensive prescription drugs that treat heart disease, cancer, diabetes, blood clots, and more.” — White House
Check this relationship map for:
– The ten Medicare Part D drugs that the Biden-Harris administration targeted
– Size and profits of the big pharma firms making these drugs
– CEO salaries
Americans pay three times as much for drugs
“For far too long, Americans have paid more for prescription drugs than any major economy. And while the pharmaceutical industry makes record profits, 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 Joe Biden declared.
A 2021 study by the RAND corporation found that drug prices average 2.56 times higher in the U.S. than in 32 other countries. For name brand drugs, U.S. prices were 3.44 times those in comparable nations. — Letters From An American
The government announced the first ten drugs whose prices it will negotiate with pharmaceutical companies for about 65 million Medicare recipients. Until now, the United States has been virtually alone as the only country in which the government did not negotiate or regulate medicine prices, instead allowing companies to set whatever prices they believe the market will bear. Since their products often are the difference between life and death, it turns out the market will bear quite high prices, but those prices often force consumers to sacrifice in other ways to afford them.
Big Pharma price gouging
Lets Medicare directly hash out drug prices
“These 10 prescription drugs that will be subject to price negotiations between manufacturers and Medicare, kicking off a process that aims to make costly medications more affordable for older Americans. President Biden’s Inflation Reduction Act, which passed in a party-line vote last year, gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program’s nearly 60-year history. The agreed-upon prices for the first round of drugs are scheduled to go into effect in 2026.” — CNBC
Big Pharma multi-million dollar salaries
TakeAway: President Biden finally got it done when he signed the Inflation Reduction Act – with Vice President Harris casting the tie-breaking vote.
Deepak
DemLabs
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Reposted from Democracy Labs with permission.