President Biden and Vice President Harris took a victory lap Thursday after unveiling the initial results of Medicare’s new power to negotiate drug prices.
In their first joint event since Biden announced he wasn’t seeking reelection, the president and vice president touted what the administration has said will be billions of dollars in savings on 10 of the most expensive prescription drugs.
“For years, Big Pharma blocked Medicare for negotiating lower drug prices,” Biden said at the event in Maryland. “This time, we finally beat Big Pharma. And, I might add, with no help from Republicans. Not a single Republican voted for this bill, period.”
Biden said he’s been working to pass Medicare drug price negotiation legislation since his first Senate term, in 1973.
“I’ve been waiting for this moment for a long, long time,” the president said.
The negotiation program was authorized by the 2022 Inflation Reduction Act, which has been central to the White House’s economic message about lowering costs for everyday Americans.
Medicare talks to yield $6B in savings
Biden spoke about the drug industry’s opposition to the provision, and indicated that during the rest of his time in the White House, he would continue to press to expand the savings to everyone.
“Kamala and I are going to keep fighting to lower the prescription drug costs for everyone, not just seniors. It’s a fight that we have to continue,” Biden said. “But guess what? Surprise, surprise, Big Pharma doesn’t want this to happen at all.”
Harris repeatedly gave the president credit, even as she promoted her own role in getting negotiation across the finish line.
“My entire career, I have worked to hold bad actors accountable and lower the cost of prescription drugs,” Harris said. “Two years ago, as vice president, I was proud to cast the tiebreaking vote that sent the bill that gave Medicare the power to negotiate and let it get to the president’s desk.”
Medicare price negotiation is popular, and the White House has been trying to take credit, but Biden hasn’t fully been able to capitalize and make the public aware of his accomplishments.
Harris’s ascension to presidential nominee gives Democrats a chance to try again.
“Few leaders in our nation have done more on so many issues, including to expand access to affordable health care, like Joe Biden,” Harris said. “And today, we take the next step. Thank you, Joe. Forward in our fight.”
