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President Joe Biden said Wednesday that Medicare should negotiate prices for at least 50 prescription drugs each year — up from the president’s current target.
“Medicare should not be limited to negotiating just 20 drugs per year,” the White House said in a fact sheet released ahead of Biden’s State of the Union address Thursday earlier reported on by CNBC.
“The President is proposing that Medicare be able to negotiate prices for the major drugs that seniors rely on, like those used for treating heart disease, cancer and diabetes,” the fact sheet added.
The effort expands upon parts of the Inflation Reduction Act, per CNBC, which provides financial aid to the more than 65 million Americans that are enrolled in Medicare, according to the Centers for Medicare & Medicaid Services (CMS).