Medicare has completed its first-ever negotiations with pharmaceutical companies over drug prices.
Congress for decadesprohibitedMedicare from negotiating drug prices, something that virtually all other countries do.
Its a chief reason why drug prices aretwotofourtimes higher in the United States than in other wealthy countries.
President Joe Biden speaks in the Eisenhower Executive Office Building on August 14, 2024 in Washington, D.C.Anna Moneymaker/Getty Images
But we fought back and won.
The pharmaceutical industry is one of the most powerful and well-funded interest groups in Washington.
The Harris campaign said she will announce a policy proposal on Friday pertaining to prescription drug costs.
AsThe Lever previously reported, the 10 drugs have all been sold in other countries at far lower prices.
In 2026, Medicare will instead pay $113 or 79 percent less.
Several drug industry lawsuits seeking to block the drug negotiation program havefailed.
Mercks case is still pending.
Every company that negotiated with us agreed on a price.
But either way, they agreed.
He added, We voluntarily came to an agreement on the price even though they are suing us.
And by the way, every lawsuit that they have filed so far, they havent won one.
