President Joe Biden praised the companies, Eli Lilly and Novo Nordisk, for slashing prices of insulin, making it more affordable for patients.
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Seniors could save an average of $70 a year on vaccines under Medicare changes President Joe Biden touted Wednesday to argue his efforts to reduce health care costs are working.
Medicare recipients may also pay less for medicines administered at the doctor’s office if receiving one of 27 drugs whose prices have risen faster than inflation.
The administration also announced Wednesday how it will select 10 drugs for price negotiations with manufacturers and how those negotiations will happen. The chosen drugs will be announced in September.
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Price gouging of pharmaceutical drugs already makes no sense to me; if you as a company charge medications so much that many potential customers can’t afford them, then how are you going to make money off those medications in the long-term with only the wealthy top percentage of the population being able to afford them? Personally, I feel the federal government needs to have some form of price control to ensure that we don’t pay an absurd amount for prescriptions compared to other developed countries. If a bottle of pills in say Germany costs $6.00, that same bottle of pills shouldn’t cost more then 50% extra here in the U.S., which would be $9.00 in this case. I’m not saying pharmaceutical companies don’t deserve to make profit for their research & development, but they shouldn’t be able to charge insane prices for their life saving products that most uninsured Americans can’t afford.