Biden Ramps Up Fight Against High Drug Prices in State of the Union Address

- During his State of the Union address, President Biden emphasizes the need to combat high drug prices and reinforces actions taken through the Inflation Reduction Act.
- The Biden-Harris Administration plans to allow Medicare to negotiate prices for 50 drugs annually instead of the current limit of 20 under the Inflation Reduction Act.
- A $2,000 out-of-pocket cap on prescription drugs for Medicare beneficiaries in 2025 will be expanded to private insurance.
- Medicare cost-sharing for high-value generic drugs will be capped at $2, with the aim to extend this limit to all Medicare plans.
- The administration is expanding the requirement for drug companies to pay rebates when they increase prices faster than inflation, now including commercial drug sales.

Sources: YouTube - WATCH: Biden pledges to end high U.S. drug prices PBS - Biden delivers remarks on lowering prescription drug prices HHS.gov - Biden-Harris Administration to Make First Offer for Drug Price Negotiation Program Biopharmadive - Biden proposes strengthening Medicare's drug pricing power White House - Fact Sheet: President Biden Takes New Steps to Lower Prescription Drug and Health Care Costs