Big Pharma's ‘biggest defeat’ after Biden Medicare announcement: ‘Huge win for seniors'
Medicare, the US Government healthcare program for seniors, has been granted new powers under President Joe Biden.
Big Pharma, the term used to describe the US pharmaceutical industry, has been dealt its “biggest defeat ever”, according to experts.
Seniors and recipients of Social Security will benefit under changes to Medicare introduced by President Joe Biden.
Last year, Biden signed the Inflation Reduction Act which gives the healthcare programme for older Americans the ability to negotiate drug prices.
Earlier this week, the President announced the 10 drugs that will be targeted under the Government’s price negotiations.
Analysts are declaring this a “huge win for seniors” who have struggled to pay off soaring costs under the prices set by Big Pharma.
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Among the medications that will be included are treatments for diabetes, heart issues and cancer.
Yesterday, Joe Biden declared that seniors will get a “better deal” on prescriptions thanks to this effort.
Most over-65s use Medicare health insurance to cover the price of drugs with around 50 million getting support.
Non-profit health organisation KFF reports that nearly a quarter of those in this age demographic are unable to afford medications.
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Alex Lawson, the executive director of Social Security Works, explained: “Just over a year ago, President Joe Biden signed the Inflation Reduction Act, giving Medicare the power to negotiate lower prices on prescription drugs.
“Today, Biden announced the first ten drugs subject to negotiation, and Big Pharma corporations are furious.
“These are among the most outrageously priced drugs on the market, Pharma’s prized cash cows.
“For the first time ever, our government will stop Pharma corporations from charging as much as they want for life-saving and life-sustaining medications.”
The Social Security expert broke down why this development will be beneficial for recipients down the line.
He added: “This is just the beginning. Within a decade, Medicare will have the power to negotiate lower prices on well over 100 drugs.
“That’s a huge win for seniors and people with disabilities. This is the biggest defeat Big Pharma has ever suffered — and it won’t be the last.
“We are going to keep fighting until every single person in America can get the medications they need.”
