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Biden calls on Congress to lower drug prices

Companies that raise drug prices faster than inflation should pay fines, Joe Biden stressed.

U.S. President Joe Biden called on Congress to reduce the prices of prescription drugs.

“We must put an end to rising drug prices, which are going higher and higher, and there is no end in sight. Companies that raise drug prices faster than inflation should pay fines,” Biden said when introducing the initiative at the White House.

According to Biden, the situation with the prices of medicines is critical and painful for the elderly. On average, Americans pay two to three times more than citizens of other countries for prescription drugs.

In this regard, Biden called on Congress to solve this crisis by allowing the U.S. federal health insurance program Medicare to negotiate drug prices since the law now prohibits negotiating a better price in the matter of prescription drugs.

Medicare should be able to negotiate the price of a certain group of expensive drugs, which have no competition in the market, Biden said.

Recall that earlier the U.S. handed over 110 million doses of vaccines to 60 countries. Biden is sure that only vaccination of the population will help to cope with the coronavirus. The U.S. intends to continue to supply COVID drugs to countries in need.

Biden is also planning to hold a global summit on the coronavirus. The summit will focus on combating the coronavirus pandemic and preparing for similar events in the future.

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