• Sun. Apr 21st, 2024

President Biden’s State of the Union Address: Expanding Medicare’s Drug Price Negotiation and Acknowledging Healthcare Cost Challenges

BySamantha Johnson

Mar 7, 2024
During the State of the Union address, Biden will prioritize lowering drug prices and healthcare costs

President Biden will deliver his State of the Union speech on Thursday night, urging Congress to strengthen Medicare’s authority to negotiate drug prices and increase the number of qualifying drugs. Currently, Medicare can negotiate prices for 20 drugs, but Biden will propose an expansion to 50 drugs and faster inclusion of more drugs in the program.

In addition, 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 what benefits seniors in terms of cost limits will benefit all Americans.

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

These policy proposals align with the Biden administration’s goal of reminding the public about efforts to reduce healthcare costs while acknowledging challenges posed by Republican control of the House. The administration is prioritizing economic factors and family finances in an effort to showcase achievements while acknowledging challenges posed by Republican control of the House.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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