In State of the Union address, Biden to urge Congress to pass measures to lower health care costs
CBSN
President Biden plans to urge Congress to focus on cost-saving ideas for prescription drugs in his State of the Union address Thursday night, including capping out-of-pocket prescription drug costs for all Americans and allowing the federal government to negotiate the prices of widely used medications.
These two proposals expand on actions taken in the 2022 Inflation Reduction Act, which allowed Medicare for the first time to negotiate the price of 20 expensive drugs used by many Americans with diabetes, arthritis and heart disease. The federal government is negotiating this week with pharmaceutical companies on the prices of the first 10 drugs, and companies are expected to submit counteroffers soon.
Senior administration officials said the president's proposal, if enacted, would expand this number to 50 prescription drugs that treat cancer, heart disease and diabetes.
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