Joe Biden, AP Images

Biden's vi­sion for drug pric­ing re­forms: Medicare ne­go­ti­a­tions, penal­ties for prices ris­ing high­er than in­fla­tion

Pres­i­dent Joe Biden on Thurs­day re­vealed key de­tails of what he wants to see re­formed in the phar­ma­ceu­ti­cal in­dus­try when it comes to drug prices, call­ing not on­ly for Medicare ne­go­ti­a­tions, which seems to be at the fore­front of Sen­ate plans, but al­so penal­ties for com­pa­nies that hike prices faster than the rate of in­fla­tion.

“Change is sore­ly need­ed,” Biden said in a state­ment. And in com­ments Thurs­day af­ter­noon at the White House, he said that the gov­ern­ment will ne­go­ti­ate based on the com­pa­ny’s cost of R&D that went in­to the drug, “and the need for a sig­nif­i­cant prof­it but that’s still af­ford­able for con­sumers.”

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