‘Finally, we beat Big Pharma,’ President Biden said.
WASHINGTON—President Joe Biden held a White House meeting on Wednesday to highlight his administration’s continued fight against Big Pharma and efforts to lower prescription drug costs.
Sen. Bernie Sanders (I-Vt.), his one-time 2020 Democratic primary opponent, joined President Biden to highlight his efforts to cut healthcare costs—particularly his recent steps to lower the cost of inhalers.
“You and I have been fighting this for 25 years,” President Biden said to Mr. Sanders during the event. “Finally, we beat Big Pharma, finally.”
President Biden criticized drug companies for charging “exorbitant prescription drug prices.”
He also highlighted how the Inflation Reduction Act is lowering drug costs for seniors on Medicare.
Speaking at the event, Mr. Sanders said that Americans “are sick and tired of paying by far the highest prices in the world for prescription drugs.”
“On average, we pay over three times as much as the people of other major countries for brand-name prescription drugs, and in some cases, we are paying 10 or 20 times more than people around the world for the exact same product,” he added.
President Biden praised Mr. Sanders’ efforts to take on pharmaceutical companies that charge unreasonably high prices for asthma inhalers.
Asthma impacts 27 million Americans, according to the White House, including more than four million kids.
“Many asthma medications may have been on the market for more than 25 years. They cost less than $5 to make,” President Biden said.
However, in the United States, the list price for inhalers has been between $200 and $600 for those without insurance.
During the event, Federal Trade Commission Chair Lina Khan spoke about the “bogus patents” of pharmaceutical companies that keep the costs of inhalers elevated. She said that after the administration put these pharma companies on notice, three of the top four companies announced that the maximum pricing for asthma inhalers would be $35 beginning in June.
During his speech, President Biden proposed to extend the $2,000 cap on prescription drug costs and $35 insulin to all Americans, while also allowing Medicare to negotiate prices for at least 50 drugs a year.
By Emel Akan
