PRINCE GEORGE'S COUNTY, Md. — President Joe Biden and Vice President Kamala Harris joined together in Prince George’s County Thursday for a big announcement.
A major change in Medicare prices in the initial round of drug price negotiations is the start of an initiative to help seniors.
President Biden and Vice President Harris took the stage excited to announce lowering prescription drug costs on the 10 most common drugs.
It's the first event for the two since Biden ended his campaign and Harris became the democratic nominee.
It's part of the Medicare drug price negotiations.
For years, Medicare was prohibited by law from negotiating drug prices. But that's not the case anymore due to the Inflation Reduction Act that provides financial relief for millions of people with Medicare.
"We believe deeply a person should be able to live with security, stability, and dignity, and so that in the United States of America, no senior should have to choose between either filling their prescription or paying their rent,” said Vice President Harris. “That's the subject of today. Because we know for far too long, far too many of our seniors have struggled to afford their medication.”
This will cap the cost of insulin and will cut prescription drug costs.
Biden said it's about building a future that's more affordable.
"It's about security, it's about taking care of your family, it's about giving folks just a little more breathing room. Look, I think health care should be a right, not a privilege in America,” said President Biden.
The lower prices will go into effect starting in January of 2026. It's the first round and is expected to save taxpayers billions.
Biden said lowering prices is a fight they will continue and are looking to help other age groups.
