Biden pitches plan to lower prescription drug costs

Politics

(WHTM) — President Joe Biden pitched his plan to the American people to lower the cost of prescription drugs. Biden says nearly one in four Americans struggle to afford their medication, often skipping doses because of that, but even some Democrats still are not on board with his proposal.

Due to the high cost of medication in the U.S., some people end up being faced with the choice of either paying for their life-saving drugs like insulin or paying for other necessities, like rent.

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Biden’s Build Back Better Act would cap the cost of insulin at $35 a month for all Americans. He says the average cost is now $375 a month, even though it costs a few dollars to make.

The most controversial provision allows the government to negotiate Medicare drug prices. After getting dropped from the package, senators struck a deal on a more limited option than House leaders have previously backed. Now Biden says Congress has to finish the job.

Biden’s plan would also impose a tax penalty on drug companies that raise medication prices faster than inflation.

“Even if you think this doesn’t affect you, it does. Everyone has less money in their pockets because high drug costs make health insurance more expensive for everyone,” Biden said.

House Democrats passed their version of the legislation last month. Senate Democratic Leader Chuck Schumer reiterated Monday that he wants to vote on this before Christmas, but when asked about the timeline, Biden said he wants it done no matter how long it takes.

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