Biden Proposes Major Expansion of Medicare Drug Price Negotiations

The plan aims to include at least 50 drugs annually and extend cost-saving measures to all Americans.

President Biden proposes expanding Medicare's drug price negotiation program to include at least 50 drugs annually, up from the current target of 20.
The proposed expansion aims to lower healthcare costs by allowing the federal government to negotiate prices for widely used medications treating conditions like diabetes, arthritis, heart disease, and cancer.
Biden's plan includes extending the $2,000 cap on out-of-pocket prescription drug costs, currently set for Medicare recipients in 2025, to all Americans with private insurance.
The administration seeks to extend a $35-per-month cost cap for insulin to the commercial market, building on similar Medicare provisions.
The proposals require congressional action and face uncertainty in a divided Congress, with the pharmaceutical industry expected to oppose the expansion of negotiations.