Biden announces the negotiation of prescription drug prices for Medicare

President Biden announced that Medicare will begin negotiating the prices of 10 drugs that older Americans commonly use, including blood thinners, arthritis drugs, heart failure drugs, and cancer drugs. This move is significant as Medicare currently spends around $50 billion on these medications, out of a total spending of over $200 billion. The ability for the federal government to negotiate drug prices has long been a popular policy idea, but previous presidents were unable to accomplish this due to the powerful lobbying efforts of the pharmaceutical industry. Biden's announcement is expected to lower costs for seniors and gain support from older voters, who turn out reliably in elections.