President Joe Biden and Vice President Kamala Harris presented themselves as champions for American seniors on Thursday, celebrating a landmark deal to lower prescription drug costs. This joint appearance at Prince George's Community College was their first since Biden exited the presidential race, making Harris the Democratic nominee.
"We finally beat big pharma," Biden declared. The event highlighted new lower drug prices for Medicare beneficiaries, aiming to show the administration's efforts to reduce costs amid high inflation.
Healthcare costs, particularly prescription drugs, are crucial for voters. Biden had maintained a lead over Donald Trump throughout the year until he stepped down.
Medicare has reached agreements with manufacturers of all 10 drugs selected for drug price negotiation.
— President Biden (@POTUS) August 15, 2024
That means the prices of these ten drugs will be cut 40% to 80%.
And folks, this is only the first ten.
We're not stopping here. pic.twitter.com/nFi8FcFE3Z
Vice President Harris praised Biden, calling him "our extraordinary president," while the crowd chanted "Thank you, Joe." Biden, seeking to cement his legacy, emphasized Harris's role in continuing his policies. "Kamala and all of us in this room are going to keep standing up to big pharma," Biden said.
Harris noted the significance of the legislation, addressing the issue of Medicare being previously prohibited from negotiating lower drug prices. The deal is expected to save $6 billion for Medicare and $1.5 billion in out-of-pocket costs for seniors. These prices, effective in 2026, were authorized by the Inflation Reduction Act, passed without a single Republican vote, secured by Harris's tie-breaking vote in the Senate.
Before their speeches, officials celebrated the deal, subtly supporting Harris's candidacy. Retiring Senator Ben Cardin hinted at Harris's potential presidency.
Biden warned that Trump would repeal Medicare's negotiating authority if re-elected. Republican lawmakers criticized the move, arguing it would stifle innovation.
The event drew a large crowd, eager to see Biden's final act and Harris's ascent. Biden reminisced about his long battle for drug price negotiations, dating back to his early Senate days. "For the longest time, I was too damn young because I was only 29 when I got elected," he said. "Now I’m too damn old."
The negotiated drug prices are expected to save billions for Medicare and provide direct savings for many older Americans. The law caps insulin costs at $35 a month for Medicare patients and sets a $2,000 cap on out-of-pocket drug spending.
Biden and Harris also discussed the Middle East situation earlier this week and welcomed home U.S. citizens wrongfully detained in Russia. On the campaign trail, they focus on the economy and cost of living, with recent polls suggesting Harris has narrowed Trump's lead on economic issues.
Maryland Governor Wes Moore introduced Biden and Harris, prompting chants of "48" – a promising sign for Harris's campaign.
Linda Hunt, 80, attended the event to witness history. "I came to pay him respect – that’s primary, but I also wanted to see and hear her in person," she said. "It was historical."
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