Biden and Harris announce plans to lower prescription drug costs

PRINCE GEORGE'S COUNTY, Maryland – President Joe Biden and Vice President Kamala Harris met in Prince George's County on Thursday for a major announcement.

A major change to Medicare pricing in the first round of drug price negotiations is the launch of an initiative to help seniors.

President Biden and Vice President Harris took the stage and enthusiastically announced reductions in prescription drug costs for the ten most commonly used medications.

It is the first event for the two since Biden ended his campaign and Harris was named the Democratic candidate.

It is part of Medicare's drug pricing negotiations.

For years, Medicare was prohibited by law from negotiating drug prices. But that's no longer the case thanks to the Inflation Reduction Act, which provides financial relief to millions of Medicare beneficiaries.

“We firmly believe that a person should be able to live in safety, stability and dignity, and that no senior in the United States of America should have to choose between filling a prescription and paying their rent,” said Vice President Harris. “That is the theme of today, because we know that far too many of our seniors have struggled to afford their medications for far too long.”

This will cap the cost of insulin and reduce the cost of prescription drugs.

Biden said it was about building a more affordable future.

“It's about safety, it's about taking care of family, it's about giving people a little more freedom. I think health care should be a right in America, not a privilege,” President Biden said.

The lower prices will come into effect from January 2026. This is the first round and is expected to save taxpayers billions.

Biden said they would continue the fight for lower prices and try to help other age groups as well.