Biden administration sets out plan to reduce price of 10 drugs used by over 65s that cost $50bn a year

President Joe Biden’s administration has announced it will begin negotiating prices for 10 expensive drugs used by people who are covered by the Medicare health insurance scheme for over 65s.1

US drug prices are among the highest in the world, but negotiating prices was forbidden until passage of the Inflation Reduction Act last year.

Biden said, “For far too long Americans have paid more for prescription drugs than any major economy. And while the pharmaceutical industry makes record profits, millions of Americans are forced to choose between paying for medications they need to live or paying for food, rent, and other basic necessities . . . There is no reason why Americans should be forced to …