Biden administration to target drugs for price negotiations to lower Medicare costs

By TOM MURPHY, AMANDA SEITZ and CHRIS MEGERIAN
Associated Press

WASHINGTON (AP) — President Joe Biden’s administration is set to announce the first prescription drugs being targeted by the U.S. government for price negotiations as part of an effort to lower Medicare costs. Tuesday’s announcement is a significant step under the Inflation Reduction Act, signed by the Democratic president last year. The law requires the federal government for the first time to start negotiating directly with companies about the prices they charge for some of Medicare’s most expensive drugs. The process has drawn legal challenges from drugmakers and heavy criticism from congressional Republicans. It’s a centerpiece of Biden’s reelection pitch as he touts his work to lower costs for Americans.