Kamala Harris is focusing on expanding the Biden administration's efforts to address the issue of high prescription drug costs in the United States. One of the key aspects of her health care platform is the proposal to extend the current $35 monthly cap on out-of-pocket costs for insulin and the upcoming $2,000 annual limit on out-of-pocket costs for prescription drugs to all Americans, not just those enrolled in Medicare.
These cost caps were initially introduced for Medicare beneficiaries through the Inflation Reduction Act. The $2,000 limit on out-of-pocket costs for Medicare Part D drugs is set to take effect in January, aiming to provide relief to seniors facing high prescription expenses.
In line with President Joe Biden's advocacy, major insulin manufacturers in the U.S. have implemented price caps or savings programs that reduce the cost of insulin to $35 for many patients. This move aligns with Biden's push for more affordable insulin, as highlighted in his State of the Union address last year.
Furthermore, Harris's plan includes measures to expedite Medicare's negotiations on drug prices, with the goal of bringing down the costs of various medications more swiftly. The recent announcement by the Biden administration revealed the outcomes of the inaugural round of negotiations, which are projected to generate approximately $6 billion in savings for Medicare. Additionally, seniors are expected to benefit from a $1.5 billion reduction in out-of-pocket expenses once the lower drug prices take effect in 2026.
