New Biden plan to lower drug prices drawn from familiar Democratic playbook
WASHINGTON — The Biden administration on Thursday unveiled a long-awaited plan to lower prescription drug prices that included a number of aggressive proposals but largely tread over ideas that Democrats have pushed for years.
The plan would allow Medicare to negotiate drug prices with manufacturers, a longstanding pledge from Biden, Democratic lawmakers, and every Democratic presidential candidate in 2020. It also would limit yearly price increases, allow the importation of drugs from Canada, and place a cap on out-of-pocket spending for Medicare beneficiaries.
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