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Big Pharma (2015)

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Biden to Big Pharma: Gouge Prices and We’ll Snatch Your Patents

When Joe Biden was elected president, Medicare was barred by law from negotiating the prices it paid for the drugs it purchased with taxpayer dollars. For a generation, presidential candidates of both parties had pledged to kill the “noninterference clause” that was the price Big Pharma extracted in 2003 from President George W. Bush to extend Medicare coverage to drugs (“Medicare Part D”). Last year, Biden finally got rid of the noninterference clause as part of the Inflation Reduction Act, and in October, the Health and Human Services Department announced that negotiations had begun on prices for 10 drugs that represent about 20 percent of all drugs covered under Medicare Part D. Changing the law to allow Medicare to negotiate drug prices was, as Biden would say, a Big Fucking Deal. If you’re one of those people who tells pollsters that Biden has done a poor job managing the economy, Medicare price negotiation is one of the better examples that prove you wrong.

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