President Biden to speak on prescription drug prices Thursday

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Phelan M. Ebenhack/AP

FILE - Retiree Donna Weiner shows immoderate of the regular medicine medications that she needs and pays implicit $6,000 a twelvemonth done a Medicare medicine cause program astatine her home, Tuesday, Oct. 5, 2021, successful Longwood, Fla. (AP Photo/Phelan M. Ebenhack)

Posted at 9:28 AM, Dec 06, 2021

and past updated 2021-12-06 10:28:54-05

President Joe Biden is acceptable to present remarks Monday connected however his Build Back Better Act volition little the costs of medicine drugs for millions of Americans.

The White House said the measure would let Medicare to negociate cause prices and enforce a taxation punishment if cause companies accrued prices faster than inflation.

It would besides headdress insulin prices to $35 per month.

"The President thinks it’s perfectly unacceptable that the American radical are forced to wage the highest prices for medicine drugs successful the full satellite — 2 to 3 times arsenic overmuch arsenic different developed countries, and this is an illustration of however Build Back Better volition trim galore of the biggest costs families face," White House Press Secretary Jen Psaki said.

According to probe from the Kaiser Family Foundation, successful 2019, 1.2 cardinal Part D enrollees spent an mean of $3,216 connected medicine drugs.

President Biden is acceptable to talk astatine 2 p.m. ET astatine the White House.