IRA’s Drug Cost Cutting Should Be Made Available to All Americans, Biden Says

President Biden continued to push for extending the prescription drug cost-cutting provisions of the Inflation Reduction Act (IRA) beyond Medicare recipients in a speech broadcast on YouTube on Wednesday.

Saying the IRA is on track to reduce the federal deficit by $160 billion over the next 10 years by cutting drug costs for seniors, Biden said in remarks he gave from the White House that he wants to save taxpayers another $200 billion by extending the lower drug costs to Americans of all ages.

“I think we should be more aggressive,” Biden said. “It’s time to negotiate lower prices on at least 50 drugs a year.”

The IRA, passed in August 2022, currently requires that drug companies and CMS negotiate Medicare Part D pricing for the 10 most costly drugs for seniors.

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