Biden and Harris announce "historic" price cuts for drugs
U.S. President Joe Biden and Vice President Kamala Harris have announced a "historic" reduction in the prices of ten medications for seniors. The agreement with pharmaceutical companies will save seniors in the U.S. alone $1.5 billion (around €1.4 billion) in 2026 and the government-run Medicare system $6 billion, according to a statement from the White House.
The price reduction will apply to medications for diabetes, heart failure, and blood thinners. In the U.S., medication prices are typically higher than in other industrialized countries due to the lack of price control regulations. Even with health insurance, patients often have to pay significant out-of-pocket costs.
Biden and Harris announced the relief just before their first joint campaign appearance on Thursday in Washington, D.C., which will also focus on curbing inflation, a central issue in the U.S. election. Former President and Republican presidential candidate Donald Trump has blamed the Biden administration for sharply increased living costs.
Biden's announcement of the historic medication price reductions for seniors was made prior to his joint campaign appearance with Vice President Harris in Washington, D.C. Trump, the former president and Republican presidential candidate, has criticized the Biden administration for the perceived increase in living costs.
