![]() ![]() Well, guess what? When this kicks in, no senior will have to pay more than $2,000 a year for all of their drugs, no matter what. And some of the cancer drugs cost 14, 15 thousand dollars a year. Seniors are going to see their out-of-pocket costs for prescription drugs capped at $2,000 a year, whatever the expense of their drugs. We’ve been fighting for this for a long time. You know? So it’s - it’s just about time. You either sell it at that price or you don’t get to - we’re not going to buy it.” That’s when I say, “Make the price come down.” That’s how it’s happening.īecause we’re able to do that for the VA and all the veterans’ benefits my son, when he was dying, got. But guess what? This time around we’re going to say, “We’re only going to pay you so much for that drug. (Applause.)Īnd, by the way, the power is you make billions of dollars off of Medicare because we purchase the drugs you make for the elderly. That’s the important stuff.Īnd the Inflation Reduction Act gives Medicare - Medicare - the power to negotiate lower prescription drug costs for the first time. You know, there’s more money at the end of the month to pay those grocery bills, get your car repaired, and buy your grandson a birthday gift. ![]() ![]() They’re going to cover the difference.Īnd, look, instead of that money going into the pockets of drug companies, it’ll go into your pockets in the form of lower drug prices. Now, if Big Pharma tries to raise drug prices faster than inflation, they’re going to have to write a check to Medicare to cover the difference. Photos: Joe Biden at East Portland Community Centerīut this year, the American people won. It’s not like they found a new way to make it better. And guess what? They didn’t do anything else with the drug. This year alone, drug companies raised the price of more than 1,200 drugs higher than the rate of inflation. When I was a young senator, I was fighting Big Pharma, trying to get the prices reduced, but there was no way to get it done.įor years, there’s been no check on how fast Big Pharma - the big pharmaceutical companies - can raise drug prices. For years, Big Pharma, the pharmaceutical companies, have stood in the way. No sense to it.įor years, many of us have been trying to fix the problem. We pay considerably more than they do in France, Canada, Spain, anywhere around the world. Not just a drug, but the same manufacturer. And, by the way, it’s the same exact drug. We pay more for our prescription drugs than any other nation in the world. You know, the last time I was here in Portland, I talked about the Bipartisan Infrastructure Law, the investments we’re making to modernize Portland’s airport, fix your roads, your bridges all across this state, and to get better water and get rid of lead pipes and Internet and so - a whole range of things.Īnd we talked about - a little bit about prescription drugs today because today is an important day for those on Medicare. They’re here today, and they deserve a heck of a lot of credit for the significant legislation we’ve gotten passed, relating to seniors particularly. I thoroughly embarrassed her yesterday by letting everybody in the world, at least in the state, know that it was her birthday yesterday. Hello, Portland! (Applause.) Thank you all so very much for being here.Īnd Ron Wyden and Jeff Merkley, I - and, you know, Suzanne is, you know - she’s something else. Below is the White House transcription of his remarks in Portland, October 15, 2022: President Joe Biden’s remarks (KOIN) - President Joe Biden spoke at the East Portland Community Center about reducing the cost of health care and prescription drugs for Americans. ![]()
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