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Biden calls on Congress to lower prescription drug prices as part of his $3.5TR spending package

Biden calls on Congress to lower prescription drug prices and change Medicare rules as part of his $3.5trillion spending package

Biden will call on Congress to allow Medicare to negotiate drug prices
In a Thursday speech, the president will outline plans to reduce medication costs
The measures are a key part of Democrats’ anticipated $3.5 trillion spending package

Published: 16:06 BST, 12 August 2021 | Updated: 16:12 BST, 12 August 2021

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President Joe Biden will on Thursday outline plans to reduce the cost of prescription drugs and call on Congress to take action on cutting the spiralling price of life-saving medication.

An official said it would be a ‘forceful’ message to Congress to deliver savings to millions of Americans by allowing Medicare to negotiate drug prices.

At present, Medicare is allowed to negotiate prices for every other type of health except drug prices.

‘Pharmaceutical companies do ground-breaking, life-saving work, but there is a difference between developing clinical breakthroughs and driving up prices for the drugs Americans rely on,’ the White House said in a statement previewing Biden’s remarks. ‘Change is sorely needed.’

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President Joe Biden will on Thursday outline plans to reduce the cost of prescription drugs and call on Congress to take action on cutting the spiralling price of life-saving medication

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The White House handed its Twitter feed over to Gail, a diabetic mother, to highlight the high costs of prescription drugs

Biden wants to penalize drug companies if the price of their products rises faster than inflation.

He is also seeking a limit on the amount that Medicare beneficiaries pay out-of-pocket for drugs each year.

‘These price savings would put money back in seniors’ pockets: a person taking an expensive cancer drug could see their out of pocket costs fall by at least $9,000 a year, and even seniors who don’t take expensive drugs could see their premiums cut,’ said the White House.

Biden previewed some of the plans a day earlier.

My Build Back Better plan is going to lower prescription drug costs by finally giving Medicare the power to negotiate the prices of drug they purchase for the American people, saving Americans hundreds of billions of dollars,’ he said.

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