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Biden calls on Congress to tackle soaring prices of prescription drugs
Democrats are expected to address the rising costs in their $3.5 trillion budget reconciliation plan.
www.yahoo.com
He urged Congress to allow Medicare to negotiate across the board — not just the most expensive drugs, as some lawmakers have proposed — and said that the negotiated prices would reflect the drugmakers' costs of research and development and would still provide a "significant profit" to the pharmaceutical companies.
"We don't do it," he said. "Why? Because of the drug companies."
Democrats have wanted to give Medicare that power at least since 2003, when the Medicare drug benefit law was passed — but the Republicans have always blocked it.
The Democrats, including the 2016 presidential candidates, support Medicare drug negotiations, and President Barack Obama has called for that policy in his budgets.
The pharmaceutical industry, a major player on Capitol Hill, has blocked such proposals.