Biden calls on Congress to act on ‘outrageously’ high drug prices

There were some doubts earlier this year about President Biden’s commitment to lowering drug prices, but he gave the issue a new jolt of attention in a speech on Thursday.

The presidential backing comes ahead of what is sure to be an intense fight with pharmaceutical companies and Republicans on the issue, with Democrats looking to include drug pricing measures in their coming $3.5 trillion budget package.

“Prescription drug prices are outrageously expensive in America,” Biden said in remarks at the White House, calling on Congress to allow Medicare to negotiate lower prices.

“I look forward to Congress getting this done,” he added. “This is another area we can come together and make a difference in people’s lives.”

The details: Biden outlined policies that largely match what Democrats in Congress are working on. He said Medicare should be able to negotiate lower prices, and those prices should apply to people with private insurance through their jobs as well, not just people on Medicare.

He also appeared to back a feature of House Democrats’ legislation that would impose a steep tax of up to 95 percent if drug companies refused to come to the table and negotiate.

Senate Finance Committee Chairman Ron Wyden (D-Ore.) is working on his own drug pricing legislation, which is expected to be somewhat less far-reaching than the House bill, in a bid to keep moderate Senate Democrats on board, given that Democrats cannot lose a single vote in the Senate.