Prescription drug costs have at times exceeded inflation. President Biden outlines his plan to curb costs while allowing companies to keep making profits.
Prescription drug costs have continued to increase over 2021. AARP is reporting prescriptions have in some cases, increased two times the pace of inflation. President Joe Biden says his plan will help improve those costs by holding drug companies accountable.
"Going forward, drug companies that increase their prices faster than inflation, are going to face a steep, excise tax."
As an example, the President pointed to Insulin, a drug needed for diabetics but has seen prices that are out of reach for patients without insurance. The drug can cost anywhere from 300 to a thousand dollars for a months supply. The Biden plan looks to cap insulin costs per month, while still allowing drug companies to make a profit.
"We're going to cap cost sharing for insulin, at $35 per month. That means you can't get charged more than 35 bucks at the pharmacy counter for your insulin."
Insulin can cost an average of 10 dollars for a vial to produce.
The President says he will cap prescription drug price increases to inflation as a condition to participate in Medicare.
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