Biden announces new provision to negotiate prescription drug prices

President Biden has announced a new provision that allows for the negotiation of prescription drug prices. The provision, included in the Inflation Reduction Act, targets some of the most commonly used drugs for conditions like diabetes, heart failure, and chronic kidney disease. This change in federal policy has the potential to significantly lower drug prices, benefiting millions of Americans. However, some Republicans have labeled the policy as a socialist price-setting program or a communist manifesto, despite it being a market-based approach that allows for negotiation and competition.