Together with Democratic presidential candidate Kamala Harris, Joe Biden secured a reduction in prescription prices on Thursday, which may reassure American citizens concerned about rising living expenses.
As they were ready for their first trip together since Joe Biden’s shocking decision to withdraw from the presidential race less than a month ago, the 81-year-old president and the 59-year-old vice president announced the agreement.
According to joint comments issued by the White House, the “historic” agreement with drugmakers will lower the cost of ten essential medications for seniors, including those that treat diabetes, heart failure, and blood clots.
The deal will save older Americans $1.5 billion and the Medicare federal health insurance scheme $6 billion in the first year, the statements added.
While the deal was Biden’s brainchild, he appears to have chosen to share the credit with Harris as she ramps up her battle with Republican Donald Trump ahead of November’s election.
Harris has already made bringing down high prices a key plank of her election campaign and will hope the announcement on medicines will win over voters who have long been struggling with inflation.
The cost of prescription drugs is the highest in the world for US citizens, forcing many to pay for a portion of their medications out of pocket despite already extremely high insurance rates.
At an event in Maryland, the two will celebrate the medication price agreement. This will be their first public appearance together since Biden withdrew from the race after a catastrophic debate with Trump.
Harris played a key role in Biden’s statement that the “historic milestone” was made possible by Congress passing the post-Covid Inflation Reduction Act as a result of his vice president’s tie-breaking vote in the Senate.
Harris concluded with the following statement: “President Biden and I will never stop fighting for the health, wellbeing, and financial stability of the American people.”
