Washington (AP) — President Joe Biden promised on Monday that his social proceedings would bring concrete savings in prescription drugs to all Americans. He argued that the sense of security consumers were looking for is now emerging.
But first the bill has to pass parliament, where many obstacles remain on the road.
Biden sought to shift the focus to the notebook provisions that were overlooked by political tactics over his $ 2 trillion law dealing with issues ranging from climate to family life and taxes. Opinion polls have consistently shown support from Americans across the political spectrum for government actions to lower drug costs, even before rising inflation concerns.
“It’s no exaggeration to say that we all agree that prescription drugs are exorbitantly expensive in this country,” Biden told the White House.
“I promise that pharmaceutical companies will use all the tools they need to lower the cost of prescription drugs for Americans, in line with a fair return on their investment,” he said. I added.
But even if Biden and his fellow Democrats succeed in the final push to pass the bill, big political difficulties await them. Democrats will have to point out the savings promised, not real, in next year’s midterm elections.
The biggest policy change-the system by which Medicare negotiates the price of prescription drugs-will begin to offer low costs until 2025, after which it will only offer a set of 10 selected drugs and insulin products. start. The number of medicines to be negotiated will increase over time, reaching 100 in 6 years and continuing to increase to 20 per year.
Other provisions will come into effect sooner.
— Insulin out-of-pocket payments will be limited to $ 35 per month from 2023 onwards. Biden called the high cost of insulin “one of the most vicious examples” of expensive medicines. He was introduced at the White House by Iesha Meza, a young woman who was hospitalized in a coma because she couldn’t afford insulin because of type 1 diabetes.
— Pharmaceutical companies will have to pay a rebate to Medicare if they raise prices faster than inflation from the same year. The provision also benefits people with private insurance.
— Medicare recipients with high drug costs will eventually cap their annual financial exposure from 2024.
— Medicare’s “Part D” pharmacy benefits will provide shingles vaccines and other shots to consumers free of charge from 2024 onwards.
Social legislation has passed the House of Representatives and is pending in the Senate and may be submitted to the Senate as early as next week.
Some of the major prescription drug provisions face congressional challenges under Senate rules. The strong pharmaceutical industry is working to get rid of it as much as possible. Pharmaceutical companies oppose the bill as a whole, arguing that limiting pricing capacity restrains investments that drive innovation.
But Biden said the industry had lost discussions with the American people.
“This is not a partisan issue,” Biden said. “Diabetes, Alzheimer’s disease, cancer-many other illnesses. They don’t care if you’re a Democrat or a Republican.
“We need Congress to get the job done,” he emphasized.
The core provisions of the Biden bill are drawn from previous legislation that was upheld by then-President Donald Trump but did not move forward. This includes capping the out-of-pocket costs of the elderly and penalties for pharmaceutical companies that raise prices faster than inflation.
A $ 35 / month copayment has also been introduced under Trump through regulation and is now available on a limited number of Medicare prescription plans. Biden greatly expands access and benefits.
Meanwhile, Medicare recipients are trying to get an unwelcome example of the impact of high drug costs.
Approximately half of Medicare’s “Part B” monthly outpatient premium increase of $ 21.60 next year is due to the need for the program to financially prepare for a pending compensation decision for the Alzheimer’s disease drug Aducanumab of $ 56,000 per year. is. Millions of seniors have already been notified, and January costs will jump to $ 170.10.
Senator Bernie Sanders of Vermont Independence is calling on the Biden administration to curb that increase. This is a painful blow ahead of the benefits of prescription medications. But Biden didn’t address the issue in his speech on Monday, and the Democratic bill is now silent about it.
Biden touts insulin and other drug savings for Americans | WGN Radio 720
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