WATCHLIVE: POTUS delivers a speech to discuss his plan to lower prescription drug costs following the release of new data from the Biden administration showing the effects of the Inflation Reduction Act on healthcare costs.
Biden is expected to tout that 3.4 million seniors and people with disabilities could have saved an average of $70 per person had the Inflation Reduction Act been in effect in 2021. The act also allowed Medicare to negotiate lower prescription drugs for seniors and capped the cost of insulin at $35.Beginning April 1, seniors may see out-of-pocket costs for a number of"Part B" prescription drugs decrease by $2 to as much as $390 per average dose, per a White House fact sheet.
The speech on lowering prescription drug costs comes after the Bureau of Economic Analysis reported that inflation dropped to a 4.6% annual rate in February, an indication that inflationary pressures are abating in the face of the Federal Reserve’s campaign to slow economywide spending by hiking interest rates.Biden will deliver his speech in Las Vegas, Nevada, on Wednesday at 2:30 p.m.
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