Biden talks about limiting certain drug prices

During a recent discussion, President Joe Biden addressed the issue of high drug costs in the United States. He emphasized that while he considers himself a capitalist, he believes that some actions by drug companies amount to exploitation. The president commended the efforts of the Biden administration and Democrats in Congress to push for lower drug prices, including implementing a price cap for seniors starting next year.

Senator Bernie Sanders, an independent from Vermont, also highlighted the need to tackle the high cost of prescription drugs. He stressed the importance of protecting Americans from being overcharged by pharmaceutical companies, especially in comparison to other countries. Senator Sanders commended the Biden administration for its efforts and urged them to continue pushing for more affordable prescription drugs.

The discussion coincided with the 10th anniversary of the Affordable Care Act (ACA), commonly known as Obamacare, which established government health care marketplaces for those without access to employer-sponsored plans. Data from the Kaiser Family Foundation showed that premiums have increased by 22% for both single coverage and family coverage since 2018. The average annual health care premium for single coverage in 2023 was $8,435 while family coverage averaged $23,968.

During the most recent Open Enrollment Period, more than 21 million Americans either selected or were automatically re-enrolled in health insurance coverage through and state-based Marketplaces. The ongoing efforts to address high drug costs and make health care more affordable for Americans are crucial priorities for both the Biden administration and lawmakers in Congress.

By Samantha Johnson

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