Biden talks about limiting certain drug prices

Biden, Sanders Call Out Pharmaceutical Exploitation as Health Care Costs Rise

President Joe Biden recently addressed the issue of high drug costs in the United States during a discussion. He emphasized that while he considers himself a capitalist, he believes that some actions by drug companies amount to exploitation. The president commended the efforts of three companies that have agreed to cap the price of asthma inhalers at $35, providing relief to Americans who rely on these medications.

Senator Bernie Sanders, an independent from Vermont, also highlighted the need to tackle the high cost of prescription drugs. He commended the efforts of the Biden administration and Democrats in Congress to push for lower drug prices, including implementing a price cap for seniors starting next year. Sanders stressed the importance of protecting Americans from being overcharged by pharmaceutical companies, especially in comparison to other countries where prescription drugs are significantly cheaper.

The discussion coincided with the 10th anniversary of the Affordable Care Act (ACA), commonly known as Obamacare, which established government health care marketplaces for those without access to employer-sponsored plans. Data from the Kaiser Family Foundation showed that the average annual health care premium for single coverage in 2023 was $8,435, while family coverage averaged $23,968. Premiums have increased by 22% for both types of coverage since 2018.

During the most recent Open Enrollment Period, more than 21 million Americans either selected or were automatically re-enrolled in health insurance coverage through and state-based Marketplaces. The ongoing efforts to address high drug costs and make health care more affordable for Americans are crucial priorities for the Biden administration and lawmakers in Congress.

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