President Joe Biden plans to use his State of the Union address Thursday to highlight his initiatives to lower drug prices and expand access to health insurance, as well as to propose expanding his health care efforts, according to a White House fact sheet.
Biden has repeatedly pointed to his measures to lower drug prices on the campaign trail as he seeks to show he’s reducing costs for everyday Americans struggling with high prices. But most people still have a dour view of the economy and Biden’s presidency.
The Inflation Reduction Act, which congressional Democrats approved in 2022, included multiple provisions aimed at reducing drug prices for senior citizens. It authorized Medicare to negotiate the prices of certain costly medications, the initial round of which is currently underway. The maximum fair prices of the first 10 drugs are scheduled to be announced by September 1, though drugmakers are attempting to halt the effort through multiple lawsuits.
Biden will call on Congress to let Medicare negotiate the prices of at least 50 drugs each year, rather than the 20-drug limit contained in the Inflation Reduction Act.
The 2022 law also places a $2,000 out-of-pocket cap on drugs for Medicare enrollees starting in 2025. Biden will ask lawmakers to expand the program to all Americans with private insurance. The president also wants Congress to make permanent the enhanced Affordable Care Act premium subsidies, which are set to expire at the end of 2025.