Biden administration triumphs over big Pharma in drug price battle

The Biden administration has successfully pushed back against nearly $400 million in pharmaceutical industry lobbying aimed at defeating key provisions of the Inflation Reduction Act.

The White House announced that President Biden and Vice President Harris stood firm against special interests, achieving critical reforms to lower drug prices for millions of Americans.

Key measures include capping the cost of insulin at $35 a month for Medicare beneficiaries, limiting out-of-pocket prescription drug costs to $2,000 annually for seniors, empowering Medicare to negotiate lower drug prices, and requiring drug companies to pay rebates to Medicare if they raise prices faster than inflation.

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In a statement on social media, the White House emphasized, “Big Pharma spent nearly $400 million to try and stop our Administration from… delivering for the American people.” The administration’s resolve in the face of heavy lobbying reflects a broader commitment to health care reform and economic relief for vulnerable populations.

With these changes, the Biden administration aims to ease the financial burden on seniors and those relying on Medicare, marking a substantial shift in the relationship between the federal government and the pharmaceutical industry. As these reforms take effect, millions of Americans can expect more affordable access to essential medications, underscoring the administration’s pledge to prioritize public health over corporate profits.