NASHVILLE, Tenn. — During tonight’s presidential debate in Nashville, Vice President Joe Biden promised to stand with patients and let Medicare negotiate for lower drug prices.
“Drug prices are a top issue for voters, and we appreciate Vice President Biden emphasizing his plan to lower prices, promote competition, and let Medicare negotiate,” said Ben Wakana, executive director of Patients For Affordable Drugs Now.
Watch the clip here.
Vice President Biden: “We’re going to make sure we reduce the premiums and reduce drug prices by making sure that there’s competition that doesn’t exist now by allowing Medicare to negotiate.”
- Nearly 9 out of 10 voters say lowering prescription drug prices is a top health care issue deciding their 2020 presidential vote.
- 86 percent of Americans support “allowing the federal government to negotiate with drug companies to get a lower price on medications for people on Medicare.”
- According to the University of Pennsylvania, Vice President Biden’s proposals would lower average prescription drug prices by roughly 60 percent.
- Vice President Joe Biden’s plan to lower drug prices has several key components:
- Allow Medicare to negotiate for lower prices and limit price increases for brand-name drugs to the rate of inflation
- Create policies to counter anti-competitive practices like “pay-for-delay” deals, patent thickets, and evergreening
- Evaluate the role of taxpayer investments in R&D and factor it into pricing decisions
- Drug prices are continuing to rise, with increases on over 500 drugs in January 2020 alone and nearly 250 additional drugs in the first six months of the COVID-19 pandemic.