The White House has scheduled an event today where President Biden is expected to announce that pharmaceutical companies will be obliged to reduce prices on 10 more drugs. This comes after reductions in the cost of hearing aids by more than half, reduced fees for health insurance bought through an Obamacare exchange, and the capping of insulin prices. The Inflation Reduction Act also caps prescription drug costs for Medicare recipients at $2,000 per year.
Americans pay more for medical care than anyone else in the world by a large margin, with outcomes that range from mediocre to poor. Most experts believe that the root cause is a lack of federal regulation of drug companies, hospitals and insurers, preventing them from charging the highest prices in the world.
