WATCH LIVE: Biden to speak about Medicare price negotiation initiative
Eden Villalovas
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President Joe Biden will deliver remarks about prescription drug costs after he unveiled the first 10 drugs that will be targeted in Medicare price negotiations.
The announcement comes over one year after the Inflation Reduction Act was signed into law, which contains multiple prescription drug provisions. Negotiations between the government and drug manufacturers mean qualifying older people could see cheaper prescription drug costs by 2026.
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The drugs that will be subjects of the first-ever price talks directly with the manufacturer will include blood thinners, diabetes medications, heart failure treatment, and more.
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The listed drugs accounted for over $50 billion in annual Medicare costs between June 2022 and May 31, according to the Centers for Medicare and Medicaid Services.
Biden is scheduled to speak on Tuesday at 2 p.m. EDT.