President Biden Highlights Achievements in Lowering Prescription Drug Costs as He Steps Down from Re-election Campaign

1. President Biden's Achievements: President Biden has made significant strides in reducing prescription drug costs, particularly for seniors, through the Inflation Reduction Act. This includes capping insulin costs at $35 for Medicare patients and out-of-pocket spending on brand-name drugs for Medicare beneficiaries to $2,000 yearly.
2. Medicare Negotiations: For the first time, Medicare has been given the power to negotiate drug prices, which is expected to save millions of seniors money on costly prescription drugs.
3. Rebate Program: The Inflation Reduction Act requires drug manufacturers to pay rebates to Medicare if their price increases for certain drugs exceed inflation. This program aims to curb prescription drug price inflation and reduce health insurance premiums.
4. Expansion of Negotiations: President Biden has proposed expanding Medicare's price negotiations to 50 drugs and capping out-of-pocket costs for prescription drugs to $2,000 for all Americans.
5. Impact on Seniors: The administration's efforts are expected to save Medicare beneficiaries significant amounts of money, with estimates suggesting over $4,500 in annual savings for some patients.
6. Re-election Campaign: President Biden has made lowering health care costs a central theme in his re-election campaign, highlighting his accomplishments and proposing further expansions to his initiatives.