AFT President Commends Biden-Harris for Medicare Drug Price Reductions

Medicare's New Drug Price Reductions Announced by Biden-Harris Administration

WASHINGTON—Significant reductions in drug prices have been announced by the Biden-Harris administration following negotiations by Medicare. AFT President Randi Weingarten expressed strong support for this development.

Weingarten emphasized the impact of high drug prices on older Americans, who have often faced difficult choices between essential medications and basic needs like food and housing. She stated, “For far too long, Big Pharma has raked in record profits by forcing older Americans to decide between purchasing lifesaving medication and buying food or paying the rent.” She highlighted the industry's practice of consistently increasing prices, making healthcare access challenging and costly.

She praised the administration's achievement, noting that the reductions were made possible by Vice President Kamala Harris' decisive vote to pass the Inflation Reduction Act. “Today’s announcement by the Biden-Harris administration of reduced drug prices negotiated by Medicare... will help seniors retire with dignity and grace,” Weingarten said.

The new pricing strategy targets 10 essential medications, including treatments for diabetes, blood clots, and cancer. The expected outcomes include a decrease in list prices ranging between 38 and 79 percent. This will result in significant savings, projected at $6 billion for taxpayers and an additional $1.5 billion for Medicare enrollees in 2026 alone.

Weingarten pointed out that these savings will alleviate financial pressures on millions of retirees and individuals with disabilities, allowing them to better afford their necessary medications. “With the breathing room to afford their medications, millions of retirees and people with disabilities will be far less worried about affording the necessities they need to get by,” she added.

Contrasting the current administration's approach with that of the opposition, Weingarten criticized former President Donald Trump's policies, stating, “There is no greater contrast between Vice President Harris and her opponent. Under Project 2025, this negotiation would have been literally illegal. Donald Trump would rather cut taxes for Big Pharma than take on its greedy, penny-pinching practices.” She concluded by affirming that Harris and Tim Walz, if elected, would continue efforts to regulate corporations and protect vulnerable Americans from excessive costs.

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The AFT represents 1.8 million pre-K through 12th-grade teachers; paraprofessionals and other school-related personnel; higher education faculty and professional staff; federal, state and local government employees; nurses and healthcare workers; and early childhood educators.