US President Joe Biden addresses the issue of reducing healthcare costs during a speech in the East Room of the White House in Washington, DC, on August 29, 2023.
Saul Loeb | AFP | Getty Images
WASHINGTON — President Joe Biden has prioritized the reduction of individual health-care costs as he campaigns for re-election in a country where medical spending represents 18.3% of the nation’s gross domestic product, according to the Centers for Medicare and Medicaid Services.
“We’ve been fighting against Big Pharma for a significant amount of time,” stated Biden from the White House. “I assure you that I will support you and will continue fighting on this issue, as will Kamala.”
The White House recently announced that ten prescription drugs will be subject to the first-ever Medicare price negotiations, which will take effect in 2026. According to the Centers for Medicare and Medicaid Services, these ten medications accounted for $50.5 billion, or approximately 20%, of total Part D prescription drug costs from June 1, 2022, to May 31, 2023.
“Big Pharma charges Americans more than three times what they charge other countries, simply because they can,” criticized Biden. “This is outrageous. That’s why these negotiations are crucial.”
Biden faces the challenge of convincing voters over the next 14 months that he is effectively reducing everyday costs for them, despite high interest rates and lingering inflation resulting from the pandemic.
This challenge is further complicated by the fact that many of Biden’s legislative and policy achievements will require years to fully implement, meaning they may not have an immediate, tangible impact on people’s lives. Nonetheless, Democrats argue that Biden deserves a second term to “finish the job,” in the words of the president.
Julie Chavez Rodriguez, Biden-Harris 2024 Campaign Manager, described the news as a demonstration of “delivering results.” However, she warned that these results could be reversed if Biden is not re-elected.
“All of this progress is at stake in 2024,” cautioned Chavez Rodriguez in a statement. “The choice in this election is between a president who prioritizes you and a slate of candidates focused on extreme policies that prioritize their wealthy donors.”
The message emanating from the White House on Tuesday was that, thanks to Biden, Americans will no longer have to pay the highest prices in the world for medications.
“Big Pharma and their Republican allies in Congress have finally been defeated – thanks to Joe Biden and Bidenomics,” declared Deputy Press Secretary Andrew Bates in a memo.
The careful orchestration of Tuesday’s Medicare announcement, including side events and media briefings, highlights the significance of healthcare to Biden’s re-election campaign, which is already in full swing.
Biden’s key domestic legislation, the Inflation Reduction Act of 2022, limits out-of-pocket insulin expenses to $35 per month for Medicare beneficiaries and caps individual out-of-pocket spending on prescription drugs at $2,000 per year. Furthermore, the administration has made hearing aids available over the counter, reducing their cost, and has lowered insurance costs through tax subsidies under the Affordable Care Act.
All of these measures are part of Biden’s focus on addressing “kitchen table” issues that resonate with swing voters in battleground states.
The next step for the president is to expand the insulin cost cap to cover privately insured Americans and make the ACA tax subsidies permanent.
“We will follow through on this,” affirmed Biden. “We will continue to stand up against Big Pharma and we will not back down.”
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