Watch live: Biden and Harris announce lower prescription drug prices

Washington — President Biden and Vice President Kamala Harris unveiled on Thursday a new milestone in the government’s efforts to lower prices for prescription drugs at their first official event since the President has dropped out of the 2024 race.

Biden and the party's new presidential candidate, Harris, are expected to appear at Prince George's County Community College in Maryland to announce the outcome of the first Medicare drug price negotiations, part of the administration's efforts to lower costs for Americans.

In a statement Thursday, the president said that for the first time, Medicare had reached agreements with drugmakers to lower prices for all 10 drugs selected for the first round of negotiations. “This is a relief for the millions of seniors who take these drugs to treat heart failure, blood clots, diabetes, arthritis, Crohn's disease and more – and it's a relief for American taxpayers,” Biden said.

The 10 prescription drugs in the first round included big names like Eliquis, Jardiance and Stelara, as well as others that are among the highest spenders in Medicare Part D. The lower prices, which will take effect in 2026, could save taxpayers about $6 billion in the first year, the White House said. Those enrolled in Medicare Part D would save about $1.5 billion in out-of-pocket costs.

The negotiated prices came after the adoption of the Inflation Reduction Actthat gave Medicare the ability to negotiate prescription drug prices with drug manufacturers. The president credited Harris's tie-breaking vote in the Senate for the bill's passage in 2022.

Harris, who rose to the top of the Democratic ticket less than a month ago when Biden announced he would not seek re-election, said in a statement that the administration will not stop there and plans to select more drugs for price negotiations each year. The White House has also touted extending the $35 cap on insulin for Medicare beneficiaries to the commercial market.

“President Biden and I will never stop fighting for the health, well-being and financial stability of the American people,” she said.

While Harris returned to the campaign trail after the president announced that he would not run for re-election, Biden largely stayed out of the spotlight.