Hill March 6, 2024
President Biden plans to call on Congress during Thursday night’s State of the Union address to double down on Medicare’s new power to negotiate drug prices and dramatically expand the number of drugs that will be eligible, the White House said.
Medicare will eventually be able to negotiate the prices of 20 drugs under the current law, but White House officials told reporters Wednesday that Biden will propose expanding that number to 50 and bringing more drugs into the program sooner.
Biden will also propose extending Medicare’s $2,000 annual cap on out-of-pocket drug costs to people with commercial insurance, officials said, as well as the law’s penalty on drugmakers who raise prices faster than the rate of inflation....
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