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.”

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER