Biden and Harris push ahead with Medicare drug pricing negotiations

New Delhi: President Biden and Vice President Harris will continue negotiations on additional drugs next year, allowing Medicare to negotiate drug prices for the first time in history, a White House press release said.

The two officials also said they would cap the cost of insulin for Medicare beneficiaries at $35 a month and require drug companies to pay Medicare rebates if they raise drug prices faster than the rate of inflation.

She added: “We also capped the cost of insulin for Medicare beneficiaries at $35 a month and required drug companies to repay Medicare contracts if they raise their prices faster than the rate of inflation. But too many people still have trouble affording their medicines.”

The statement continued: “That is why last month Senator Sanders and I called on drug manufacturers to lower the prices of popular drugs used to fight obesity, diabetes and cardiovascular disease. Prices for these drugs can be up to six times higher in America than in Canada, Denmark and other similar countries.”