The Biden-Harris Administration has nominated 10 drugs for price negotiations directly with pharmaceutical giants after capping monthly insulin costs at $35.
Americans have historically paid more for prescription drugs than most other major economies. In a fact sheet, the White House highlighted that seniors paid $3.4 billion in out-of-pocket costs for these drugs just last year. Biden, like Trump before him, aim to bring prices more in line with those of other advanced nations.
This move is not isolated. The Biden Administration has implemented other cost-saving measures, such as reining in the cost of insulin and making some vaccines free for Medicare beneficiaries.
All of the 10 drugs on the list were blockbusters. Eight of the 10 were among the bestselling drugs of 2022. The remaining two are insulin formulations from Novo Nordisk: Fiasp and NovoLog.