“It’s safe to say that all of us can agree that prescription drugs are outrageously expensive in this country,” Biden said at the White House.
WASHINGTON — President Joe Biden pledged Monday that his social agenda legislation would deliver tangible savings on prescription drugs for all Americans. Relief that consumers have clamored for is now in sight, he asserted.Biden tried to shift the focus to pocketbook provisions overlooked in the political machinations over his $2 trillion legislation, which deals with issues from climate to family life and taxes.
The biggest policy change — a system for Medicare to negotiate prices for prescription drugs — won't begin to deliver lower costs until 2025, and then only for a selected set of 10 medicines, as well as insulin products. The number of drugs subject to negotiations would build with time, reaching 100 in six years and continuing to grow by 20 a year.— Copays for insulin would be limited to $35 a month, starting in 2023.
The social legislation has passed the House and is pending before the Senate, where it could come to the floor as early as next week. found that Medicare negotiations would “put downward pressure” on premiums and out-of-pocket costs for seniors, and other provisions of the legislation would also reduce out-of-pocket costs for those who are privately insured.“This is not a partisan issue,” said Biden. “Diabetes, Alzheimer's, cancer — so many other diseases. They don't care whether you are a Democrat or Republican.
About half of next year's $21.60 increase to Medicare's “Part B” monthly outpatient premium is due to the program's need to financially prepare for a pending coverage decision on a $56,000-a-year Alzheimer's drug called Aduhelm. Notices have already gone out to millions of seniors telling them their cost in January will jump to $170.10.
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