Biden’s State of the Union: Expanding Medicare’s Authority to Negotiate Drug Prices and Benefit More Americans.

During the State of the Union address, Biden will prioritize lowering drug prices and healthcare costs

President Biden is set to deliver his State of the Union speech on Thursday night, with a focus on healthcare. Among his key proposals is an expansion of Medicare’s authority to negotiate drug prices and increase the number of qualifying drugs. Currently, Medicare can only negotiate prices for 20 drugs, but Biden wants to expand this to 50 drugs and include more drugs in the program at a faster rate.

In addition to these proposals, Biden will suggest extending Medicare’s $2,000 annual limit on out-of-pocket drug expenses to those with commercial insurance and maintaining penalties on drug manufacturers who raise prices faster than inflation. White House domestic policy adviser Neera Tanden emphasized that these cost limits would benefit not just seniors but all Americans.

Biden will also request lawmakers to prolong the $35 per month cost cap for insulin to the commercial market, a proposal that has received bipartisan support but has not yet been brought to the Senate floor. These initiatives represent a significant expansion of the Inflation Reduction Act, which primarily impacts Medicare due to Senate constraints during passage.

Overall, these policy proposals align with the Biden administration’s goal of reducing healthcare costs and improving access to affordable medicine for all Americans. By prioritizing economic factors and family finances, the administration aims to showcase its achievements while acknowledging the challenges posed by Republican control of the House.

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