White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly

[JimR-OCDS]

White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly

Federal officials have reached deals with drug companies to lower the price for 10 of Medicare’s most popular and costliest drugs.

apnews.com

How come Biden didn't do this three years ago?
Heck, why didn't he do it 47 years ago when he first got elected to the Senate?

Reason, it's a political move in the election season in order to get votes for Kamala.

I just hope this doesn't create shortages of drugs, as the pharmaceutical companies don't have to produce certain drugs.

 

[AlexB23]

How come Biden didn't do this three years ago?
Heck, why didn't he do it 47 years ago when he first got elected to the Senate?

Reason, it's a political move in the election season in order to get votes for Kamala.

I just hope this doesn't create shortages of drugs, as the pharmaceutical companies don't have to produce certain drugs.

How come the Europeans have had cheap medicines for decades? It seems that the both Dems and the far-right are one in the same. Both stall actual solutions to problems, while other countries get stuff done.

Also, you might want to quote an article here, as articles are required in this subforum for OP posts.

 

[JimR-OCDS]

How come the Europeans have had cheap medicines for decades? It seems that the both Dems and the far-right are one in the same. Both stall actual solutions to problems, while other countries get stuff done.

Also, you might want to quote an article here, as articles are required in this subforum for OP posts.

It used to be that Americans were subsidizing the cost of drugs for countries like Canada. Not sure what the story is
today.

Thanks for notifying me about posting the link to the article!

 

[JimR-OCDS]

FYI, as a senior on Medicare, I welcome lower drug costs.

However, my question is, why did it take you so long Joe Biden?

 

[JosephZ]

How come Biden didn't do this three years ago?

President Biden and Democrats have been working on this since at least September 2021 with the introduction of the Inflation Reduction Act. The Inflation Reduction Act, which not a single Republican in congress voted for, allowed the government to negotiate drug prices on behalf of the Medicare population for the first time. It became law in August 2022.

The Inflation Reduction Act, signed into law by President Joe Biden, is set to lower the cost of prescription drugs — including cancer medications, blood thinners and insulin — for millions of Americans, experts say.

Under the new law, the U.S. government is now able to negotiate prices on the costliest prescription drugs, cap costs at $2,000 per year for people on Medicare, limit the monthly cost of insulin to $35 for seniors, and extend subsidies for people buying their own health coverage through the Affordable Care Act, also known as Obamacare. The law also provides free vaccines for seniors.

The Inflation Reduction Act allows the federal government to negotiate prices for some of the drugs that Medicare spends the most money on, a long sought-after goal by Democrats and some Republicans.

Previously, the U.S. government was explicitly prohibited from engaging in price negotiations with drugmakers on behalf of the Medicare population.

Inflation Reduction Act becomes law: How it will affect your health care

The new law is the most significant health care legislation since the Affordable Care Act was passed more than a decade ago.

www.nbcnews.com

Even as far back as 2007, then Senator Biden voted yes in an effort to pass the Medicare Prescription Drug Price Negotiation Act of 2007, but Republicans blocked it.


A pillar of the Democratic political program tumbled today when Republicans in the Senate blocked a proposal to allow Medicare to negotiate lower drug prices for millions of older Americans, a practice now forbidden by law.

Democrats could not muster the 60 votes needed to take up the legislation in the face of staunch opposition from Republicans, who said that private insurers and their agents, known as pharmacy benefit managers, were already negotiating large discounts for Medicare beneficiaries.

The 2003 Medicare law prohibits Medicare from negotiating drug prices, setting prices or establishing a uniform list of covered drugs, known as a formulary.

Mr. Reid said the Democrats fell short today because of “the power of the insurance industry and the pharmaceutical industry” and their close ties to Republicans in Congress.

Bill to Let Medicare Negotiate Drug Prices Is Blocked (Published 2007)

Republicans in the Senate argued that private insurers were already negotiating large discounts for Medicare beneficiaries.

www.nytimes.com

 

[Arcangl86]

White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly

Federal officials have reached deals with drug companies to lower the price for 10 of Medicare’s most popular and costliest drugs.

apnews.com

How come Biden didn't do this three years ago?

Because the Medicare didn't have the legal authority to do so until just under 2 years ago.

Heck, why didn't he do it 47 years ago when he first got elected to the Senate?

Because Medicare didn't include drug coverage when he was elected to the Senate. Part D was created in 2003, and that same law banned Medicare from negotiating drug prices. Medicare Part D was officially established in 2006 and pretty much as soon at the 110th Congress commenced the Senate introduced a bill to allow for negotiations. Oh, and there was also the coverage gap which was closed by the Affordable Care Act, which Biden helped push in his role as VP. So Biden has been concerned about this issue for a long time.

Reason, it's a political move in the election season in order to get votes for Kamala.

Or because complex negotiations take time. I mean he managed to get it done in less then two years after he was given authority to do so. That's pretty impressive IMO. I do agree that VP Harris will be able to ride this pretty heavily considering she's the reason the bill passed in the first place.

I just hope this doesn't create shortages of drugs, as the pharmaceutical companies don't have to produce certain drugs.

I'm not sure what you are saying here. These prices were all negotiated, which means that the drug companies have agreed to them. NOw I'm sure they are not making as much of a profit on them as they want, but they also aren't going to agree to a price that puts them in the hole. As long as they are making money off of them, there is no reason for them to reduce production.

 

[JimR-OCDS]

Because the Medicare didn't have the legal authority to do so until just under 2 years ago.

Because Medicare didn't include drug coverage when he was elected to the Senate. Part D was created in 2003, and that same law banned Medicare from negotiating drug prices. Medicare Part D was officially established in 2006 and pretty much as soon at the 110th Congress commenced the Senate introduced a bill to allow for negotiations. Oh, and there was also the coverage gap which was closed by the Affordable Care Act, which Biden helped push in his role as VP. So Biden has been concerned about this issue for a long time.

Or because complex negotiations take time. I mean he managed to get it done in less then two years after he was given authority to do so. That's pretty impressive IMO. I do agree that VP Harris will be able to ride this pretty heavily considering she's the reason the bill passed in the first place.

I'm not sure what you are saying here. These prices were all negotiated, which means that the drug companies have agreed to them. NOw I'm sure they are not making as much of a profit on them as they want, but they also aren't going to agree to a price that puts them in the hole. As long as they are making money off of them, there is no reason for them to reduce production.

This could've been done when Biden was VP under Obama. Why wasn't it?

Biden's was in Congress 47 years ago. In all that time, he didn't work to get prescription drugs lower for Medicare and Medicaid recipients.

Biden was a career politician who did nothing for the American people, but certainly did much against them.

He voted for the war in Iraq, like Hillary and the majority in Congress, out of political expediency rather than what was
good for America. Bush and especially Dick Cheney, should've been handed over to the World Court for crimes against
humanity.

Yeah, I'll never vote for a career politician and certainly not a pro-abortionist and pro-transgender politician like Harris.

 

[Servus]

Yay temporary relief as an incentive to vote for the incumbent replacement.

 

[JosephZ]

This could've been done when Biden was VP under Obama. Why wasn't it?

The Republicans wouldn't allow it.

The Obama administration said on Monday it would seek authority to negotiate prices for high-cost drugs under the government's Medicare Part D program, which offers private drug coverage for senior citizens and the disabled... But the plan would require the administration to get a green light from Congress, where Republicans who control the House of Representatives and Senate have openly favored market forces over government intervention as a vehicle for containing healthcare costs.

https://www.reuters.com/article/business/healthcare-pharmaceuticals/obama-administration-seeks-to-negotiate-medicare-drug-prices-idUSKBN0L61OV/

Biden's was in Congress 47 years ago. In all that time, he didn't work to get prescription drugs lower for Medicare and Medicaid recipients.

President Biden voted yes in an effort to pass the Medicare Prescription Drug Price Negotiation Act of 2007 when he was a senator.

Biden was a career politician who did nothing for the American people, but certainly did much against them.

Affordable Care Act, guaranteeing health coverage for Americans with pre-existing conditions and 20 million who were previously uninsured.
Violence Against Women Act, increases criminal penalties and provides grants to address rape, sexual assault, domestic abuse and other gender-related violence.
Protect Our Children Act of 2008, helping law enforcement agencies to investigate and prosecute child predators.
Criminal History Background Checks Pilot Extension Act of 2008, allowing volunteer organizations – such as children’s sports groups – to obtain national and state criminal history background checks on their volunteers.

Sponsored Legislation 1,071
Cosponsored Legislation 3,374

https://www.congress.gov/member/joseph-biden/B000444

 

[JimR-OCDS]

The Republicans wouldn't allow it.

The Obama administration said on Monday it would seek authority to negotiate prices for high-cost drugs under the government's Medicare Part D program, which offers private drug coverage for senior citizens and the disabled... But the plan would require the administration to get a green light from Congress, where Republicans who control the House of Representatives and Senate have openly favored market forces over government intervention as a vehicle for containing healthcare costs.

https://www.reuters.com/article/business/healthcare-pharmaceuticals/obama-administration-seeks-to-negotiate-medicare-drug-prices-idUSKBN0L61OV/

President Biden voted yes in an effort to pass the Medicare Prescription Drug Price Negotiation Act of 2007 when he was a senator.


Affordable Care Act, guaranteeing health coverage for Americans with pre-existing conditions and 20 million who were previously uninsured.
Violence Against Women Act, increases criminal penalties and provides grants to address rape, sexual assault, domestic abuse and other gender-related violence.
Protect Our Children Act of 2008, helping law enforcement agencies to investigate and prosecute child predators.
Criminal History Background Checks Pilot Extension Act of 2008, allowing volunteer organizations – such as children’s sports groups – to obtain national and state criminal history background checks on their volunteers.

Sponsored Legislation 1,071
Cosponsored Legislation 3,374

https://www.congress.gov/member/joseph-biden/B000444

How did Obamacare get passed then?

FYI, I was on what was then called Romneycare and then transferred to Obamacare. I was
all for it, but was more for Hillarycare when that was being fought over.

Biden could've gotten it passed, especially when Ted Kennedy was fighting to get Medicare and Medicaid to pay
fair prices rather than subsidize the foreign nations who set limits on how much big pharma could charge for drugs.

Heck, people from the US were going to Canada to buy the same drugs they were being over-charged for here.

 

[AlexB23]

It used to be that Americans were subsidizing the cost of drugs for countries like Canada. Not sure what the story is
today.

Thanks for notifying me about posting the link to the article!

Yep, times have changed, my brother.

And you are welcome.

 

[Matt5]

I think Americans pay the drug developments costs. Everybody else gets to freeload. Ultimately, somebody has to pay for the development costs.

 

[Arcangl86]

This could've been done when Biden was VP under Obama. Why wasn't it?

I imagine it was probably part of the discussion when the ACA was being crafted but had to be dropped so the other pieces would pass. Obama was working with a very slim minority, including some fairly moderate members of his own party. They did close the payment gap though, which was itself a big deal.

Biden's was in Congress 47 years ago. In all that time, he didn't work to get prescription drugs lower for Medicare and Medicaid recipients.

Like I said in my first response to you in this thread, Medicare didn't cover prescription drugs at all until 18 years ago. And literally the year after it started to, Biden was working to try and get reduced prices.

Biden was a career politician who did nothing for the American people, but certainly did much against them.

Really, you can't think of a single thing he did in 50 years of political service that benefited the American people?

He voted for the war in Iraq, like Hillary and the majority in Congress, out of political expediency rather than what was
good for America. Bush and especially Dick Cheney, should've been handed over to the World Court for crimes against
humanity.

Or maybe, just maybe, he did believe it was good for America. I'm sure you remember that the war in Iraq had pretty broad public support back then.

Yeah, I'll never vote for a career politician and certainly not a pro-abortionist and pro-transgender politician like Harris.

If you are a two issue voter, then that's fine.

 

[dogs4thewin]

I think Americans pay the drug developments costs. Everybody else gets to freeload. Ultimately, somebody has to pay for the development costs.

yes it is the development and research. There has tio be an insentive to evelop edicine and for te betterment of human kind is rarely enough.