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9/27, 7:57 PM (Source: TeleTrader)
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Biden: Big Pharma lost fight on drug prices

United States President Joe Biden claimed on Tuesday that Big Pharma lost the fight on drug prices due to his administration's Inflation Reduction Act.

Under the new law, if major pharmaceutical companies try to raise drug prices faster than inflation, "they will be penalized and they'd have to rebate the money to Medicare," Biden pointed out in a speech at the White House.

"After years of Big Pharma blocking it, Medicare will finally get the power to negotiate lower prescription drug prices," Biden also said, adding that senior citizens on Medicare will pay no more than $2,000 per year for all prescription drugs they need.

Baha Breaking News (BBN) / MS