Biden's Drug Pricing Achievements Linger as He Exits 2024 Race

President Biden, who will soon leave the stage of the 2024 presidential election, has made outstanding contributions in the field of health care, especially his hard work in reducing the price of prescription drugs, which has left a deep historical imprint.

In 2022, the Biden administration's successful push for an inflation reduction bill was undoubtedly a notable milestone in his tenure. The bill gives Medicare significant authority to initiate price negotiations with drugmakers on the 10 most expensive prescription drugs in 2026 and gradually expand the scope of those negotiations. According to authoritative estimates, this epoch-making bill is expected to save the US government up to $164 billion in spending over the next ten years.

The effects of the inflation reduction Act go far beyond that. In addition to the Medicare price negotiations, the bill establishes strict rules that penalize businesses that increase drug prices by more than the rate of inflation and caps out-of-pocket costs for Medicare beneficiaries. These strong measures are widely seen by the industry as important steps to curb the soaring cost of prescription drugs, and demonstrate President Biden's strong commitment to protecting people's access to medicines.

Another notable achievement under Biden was the setting of a $35 monthly cap on the cost of insulin. While this decision was largely driven by voluntary price cuts from major insulin producers, the president believes that the inflation mitigation Act played a crucial role.

As President Biden's political career draws to a close, his remarkable achievement in lowering drug prices will undoubtedly be the jewel in his legacy. When Vice President Kamala Harris takes over as the Democratic nominee, the industry will be watching to see what health-related policies she will propose in future campaigns to continue President Biden's great work in this area.