Biden calls on Congress to allow Medicare to negotiate drug prices

In the latest move to address drug pricing, President Joe Biden called on Congress Thursday to enact reforms that would permit Medicare to negotiate on prescription drug costs, establish a cap on out-of-pocket drug costs for Medicare beneficiaries and impose penalties on drug developers that raise prices faster than inflation. 

The proposal is in line with a set of principles for drug pricing reform that Sen. Ron Wyden (D-Ore.), the gatekeeper for drug pricing legislation in the Senate, released this year. In his framework, Wyden said, “Medicare must have the authority to negotiate with pharmaceutical companies, especially when competition and market practices are not keeping prices in check.” ...