Washington, D.C. — Today, the Biden administration unveiled a comprehensive plan to bring down prescription drug costs. The plan, released by HHS Secretary Xavier Becerra, emphasizes the administration’s support for legislative action to give Medicare the power to negotiate for lower drug prices for all Americans. Additionally, the proposal includes limiting price increases, capping drug costs for Medicare beneficiaries, and investing in research for new drugs. In response, Protect Our Care Executive Director Brad Woodhouse released the following statement:
“The Biden administration’s plan will transform the lives of millions of families struggling to afford lifesaving medications. Lowering drug costs has consistently ranked a top concern of voters across parties, and President Biden is using every tool at his disposal to deliver long-overdue relief to families. Both the legislative and executive reforms will put an end to the broken system that puts Big Pharma’s profits over Americans’ health. Most notably, giving Medicare the power to negotiate for lower drug prices will save patients more than $150 billion at the pharmacy counter and create $500 billion in savings for the federal government that could be reinvested in strengthening health care for even more Americans. It is imperative that Congress include these provisions outlined by President Biden, including Medicare negotiation, in the reconciliation package — it’s not only smart policy but it’s the right thing to do.”