US says that first negotiated drug prices for older people will save $6bn

President Joe Biden and Vice President Kamala Harris have announced that newly negotiated prices of 10 costly drugs used by people covered by Medicare insurance will save the government about $6bn in 2026, when the prices go into effect. People using these drugs will save an estimated $1.5bn in out-of-pocket expenses, the government said.12Biden and Harris praised the drug savings ahead of the Democratic convention that begins in Chicago on 19 August. Harris is the Democratic candidate for president. The drugs are for cardiovascular disease, diabetes, autoimmune disease, and cancer.US drug prices are among the highest in the world, but price negotiations, which are common elsewhere, were forbidden until passage of the Inflation Reduction Act in 2022. The act permitted the Centers for Medicare and Medicaid Services to negotiate drug prices with drug companies.3Pharmaceutical companies sued the government, saying the price negotiations were unconstitutional. So far, seven of the lawsuits…
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