Prescription Drug Reforms Ahead of Election

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On Tuesday, President Biden emphasized his administration's efforts to reduce prescription drug costs, aiming to solidify his legacy as he approaches the end of his term.

During an event in New Hampshire with Senator Bernie Sanders and other Democrats, Biden discussed the achievements of the Inflation Reduction Act (IRA), particularly its provisions for capping prescription drug prices and enabling Medicare to negotiate costs.

Biden characterized these developments as a major win against the pharmaceutical industry. “It was a tough battle,” he remarked. “We overcame the special interests and made progress for the American people.”

This year, the administration announced negotiated prices for ten of the most expensive medications, set to take effect in 2026. Biden also highlighted that insulin costs for Medicare recipients are now capped at $35 per month, with both he and Vice President Harris advocating for this cap to be expanded to all individuals.

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The timing of the event is significant, occurring two weeks before Election Day and less than three months before Biden’s departure from office.

In an unscripted moment, Biden commended Harris for her role in passing the IRA, noting, “Kamala, by the way, cast the tie-breaking vote. Don’t tell me one vote doesn’t matter.”

Biden also criticized former President Trump for his vague claims about a plan to replace the Affordable Care Act. “I’ve heard that concept of a plan for almost eight years. What the hell is a concept of a plan? He has no real plan!” Biden stated.

He warned that if Kamala Harris is not elected, Trump could potentially remove health insurance from millions of Americans. Additionally, Biden called on Congress to make tax credits for ObamaCare enrollees permanent, which would help them manage their premiums. While these subsidies were extended until 2025 under the IRA, future decisions about their continuation will depend on the control of Congress after the upcoming elections.