The U.S. negotiates Medicare drug price cuts that will save billions for U.S. citizens
The United States has negotiated down the prices of 10 top-selling prescription drugs used by Medicare by as much as 79%, hoping to save $6 billion in the first year as part of a plan hailed on Thursday by President Joe Biden with the aim to ease anger about high prices ahead of November elections. Biden’s signature Inflation Reduction Act, signed into law in 2022, was the first to allow Medicare to negotiate prices for some of the most costly drugs that the program covers for 66 million people. The new prices will go into effect in 2026.