President Biden on Monday nudged members of his party in Congress push through his signature Build Back Better plan, which includes provisions that would give Medicare the power to bargain on the price of a handful of the most expensive drugs; penalize drugmakers who raise prices faster than inflation for people; and cap out-of-pocket costs for insulin at $35 per month. Democrats’ ability to meaningfully impact drug prices, however, depends heavily on Congress passing the party’s $1.7 trillion social spending bill in the coming weeks. Alice Miranda Ollstein reports.
President Biden on Monday nudged members of his party in Congress push through his signature Build Back Better plan, which includes provisions that would give Medicare the power to bargain on the price of a handful of the most expensive drugs; penalize drugmakers who raise prices faster than inflation for people; and cap out-of-pocket costs for insulin at $35 per month. Democrats’ ability to meaningfully impact drug prices, however, depends heavily on Congress passing the party’s $1.7 trillion social spending bill in the coming weeks. Alice Miranda Ollstein reports.