Press Release
☷Remarks by President Biden on Lowering Healthcare Costs for Americans
White House ( By Press Release office)
Apr 05,2024
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Bernie ' s been leading the charge for decades , and he ' s the reason we ' re here today . He mentioned how Americans pay more for prescription drugs than any other advanced nation in the world . If you walk into a local drugstore here in America , you ' ll find that the prices are two to three times higher for the exact same prescriptions made by the exact same pharmaceutical company in Canada , France , Italy , and even in Eastern Europe . But not anymore . We ' ve been talking for years about how Medicare should have the power to negotiate lower drug prices , just like the VA does for veterans . We ' ve tried and tried , and finally , with Bernie ' s help , we got my Inflation Reduction Act passed . It was a tough fight , and not a single Republican voted for it , which honestly surprised me . But now , we have the authority to take on and defeat Big Pharma . You know , there are millions of Americans out there who have similar stories . They ' re lying in bed at night , worrying about how they ' ll afford their expensive medications for things like blood disorders and asthma . They ' re wondering if they ' ll have enough insurance or if they ' ll have to sell their house to cover the medical bills . And a big reason for all this stress is the outrageous prices that the drug companies are charging . Bernie and I have been fighting against this for 25 years , and finally , we ' ve beaten Big Pharma . I ' m proud that my administration is taking on Big Pharma like never before , and I couldn ' t have done it without Bernie . THE PRESIDENT: Hey Kris , thank you so much . Seriously , thank you for being brave enough to share your health struggles with the whole country . It ' s not an easy thing to do . And , by the way , guess what? When I first got the law passed , it applied to every single American . But the Republicans were able to cut back on that and only seniors were exempt . But I want everyone in America to benefit from these savings , regardless of their age . No one should have to pay more than 35 bucks a month for insulin , plain and simple . And hey , the drug companies are still making a ton of money , even though it only costs ten bucks to make . The guy who invented the drug didn ' t even want to patent it because he wanted it available to everyone . Well , it ' s definitely available , alright . Look , there are a bunch of prescription drugs that are currently undergoing the process of being priced lower . Medicare can now negotiate lower prices for some of the most expensive drugs , treating everything from heart disease to arthritis . This year alone , the law we ' ve already passed allows Medicare to negotiate the prices of ten of the costliest drugs , and they ' ll keep doing that every year for over 50 drugs . Next year , it ' ll be 15 . It ' s not just saving seniors money , it ' s also saving taxpayer money and reducing the federal deficit . Some people may say it ' s costing money , but guess who it ' s really costing? The drug companies . It actually cuts the deficit by $160 billion . Seriously , think about it . Over the next 10 years , Medicare won ' t have to pay those outrageous prices anymore . Instead of paying 400 bucks , they ' ll only pay 35 bucks . But I think we should be even more aggressive . It ' s time to negotiate lower prices for at least 50 drugs a year , instead of just 10 or 15 . Along with other actions , we ' re not only saving lives , but if we increase that number , we ' ll also save taxpayers another $200 billion on top of the $160 billion . It ' s a huge deal . Oh , and by the way , the other guy talks about cutting the deficit , but he actually increased it more than any other president in history . And we ' ve actually managed to cut it . Look , in addition to the law we passed that will cap prescription drug costs for seniors on Medicare starting in 2025 , your drugs will not cost more than $2 , 000 a year , no matter how expensive they are . And as many of you unfortunately know , some cancer drugs can cost a ridiculous amount , like $10 , 000 or more per year . Hey everyone , Bernie and I are working to make sure no one has to pay more than $2 , 000 a year for prescription drugs . We ' re also cracking down on unfair competition in the pharmaceutical industry to lower prices . Big Pharma is exploiting the system by preventing competition and raising prices artificially . For example , asthma medication costs are out of control , even though the actual cost to make them is less than $5 . Drug companies are manipulating patents and devices to keep prices high and profits soaring . Bernie Sanders has been leading the charge to address these issues and make prescription drugs more affordable for all Americans . You know how much they charge in the United States for that one inhaler? It ' s a whopping $645 . So , if you need that inhaler and you come with me on Air Force One to London , you can get it for . . . wait for it . . . just a fraction of the price ( laughs ) . No , I ' m not joking . It ' s ridiculous when you think about it . The same medicine and device cost only $9 in Germany , while we pay $286 here . Can you believe that? It ' s thirty times more expensive! It ' s outrageous , but luckily we ' re taking action . Some drug companies have already backed down on their exorbitant prices . Bernie played a big role in making that happen . Now , three out of the four largest companies are capping the cost of inhalers at $35 for many patients . There ' s progress , but we can do even better . With more competition and generic drugs , the prices could go even lower . And thanks to my Inflation Reduction Act , drug companies that raise prices beyond inflation will have to pay back Medicare . This will save money for consumers and discourage companies from hiking prices . But we want more . It ' s time for drug companies to pay rebates when they increase prices faster than inflation , not just for seniors but for every single American . And this announcement is just one of the many steps we ' re taking to make healthcare more affordable for everyone . We ' ve already reduced the cost of hearing aids by up to $3 , 000 for millions of Americans , and we ' re also putting an end to unnecessary fees on health insurance plans . These plans are the ones that trap consumers with unexpected charges instead of covering their necessary care . Look , they end up with surprise medical bills from in - network hospitals that can ' t send a bill for an out - of - network doctor that they didn ' t choose or weren ' t even consulted about . I had that happen to me when I was in the hospital years ago . Kamala and I are working to protect and expand Obamacare , which is still a big deal , by the way . Today , thank goodness my mom isn ' t here , 21 million Americans are covered through the Affordable Care Act , which is 9 million more than when I first became president . We implemented tax credits that save about $800 per person each year , reducing healthcare premiums for working families who have coverage under the Affordable Care Act . However , those tax credits are set to expire after this year . That ' s why I ' m urging Congress to make them permanent . It ' s important , folks . Now , let me tell you , our progress is completely different from what my predecessor and the MAGA Republicans in Congress want . They want to "terminate" the Affordable Care Act , kicking millions of Americans off their health insurance . And most of these people won ' t be able to get insurance because they have preexisting conditions . They also want to get rid of the Inflation Reduction Act and eliminate the savings that lower prescription drug prices . During the last administration , my predecessor increased the national debt more than any other president in just four years . He talks about the debt , but he actually made it worse with his $2 trillion tax cut that mainly benefited the wealthy and big corporations . Now he and the Republicans in Congress want to cut Social Security and Medicare while giving more tax cuts to the wealthy . Well , I have a better idea . I will protect Social Security and Medicare , along with Bernie and other members of Congress , by making sure the wealthy pay their fair share to keep these programs going . It ' s not difficult . And let me say something that even Bernie didn ' t initially like , but I stand by it: On day one , I promised that no one making less than $400 , 000 a year will pay a single penny more in federal taxes . I wish I could have done more , but that ' s what I can do . I used to get teased by Bernie for being listed as the poorest man in Congress for 36 years , but I didn ' t really see myself as poor . Trump is claiming credit for overturning Roe v . Wade , but with a Democratic Congress , Kamala and I will work to reinstate it . Bernie and I have been in this game for a while now , and we ' ve made some significant progress . We ' re focused on making healthcare a right for everyone , not just seniors . I ' m feeling optimistic about the future and believe that together , as the United States of America , we can overcome any challenge . God bless you all and may God protect our troops .
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