President Joe Biden and Vice President Kamala Harris announced a significant economic victory on Thursday, securing a deal to reduce the price of 10 essential medications for seniors. The "historic" agreement, achieved in collaboration with major drugmakers, will target treatments for diabetes, heart failure, and blood clots, among other conditions. The move is set to save older Americans $1.5 billion and the Medicare federal health insurance program $6 billion in its first year.
The announcement comes as Biden, 81, and Harris, 59, prepare for their first joint appearance since Biden's surprising decision to withdraw from the presidential race less than a month ago. The vice president has made tackling high prices a central theme of her campaign, hoping this drug price reduction will resonate with voters facing rising living costs.
U.S. residents currently face the highest prescription drug prices globally, with many paying out-of-pocket costs despite high insurance premiums. The pair will celebrate the deal at an event in Maryland, marking their first public outing together since Biden's withdrawal following a difficult debate with former President Donald Trump.
Biden credited Harris for her pivotal role in passing the Inflation Reduction Act, which was key to achieving this milestone. "President Biden and I will never stop fighting for the health, wellbeing, and financial stability of the American people," Harris stated.
This announcement precedes Harris's upcoming economic policy speech and her anticipated appearance at the Democratic National Convention. As the first female, Black, and South Asian vice president, Harris has revitalized the Democratic Party following Biden's departure.
While Harris's popularity has surged, she is still defining her specific policy platform, often aligning with Biden's economic agenda while trying to establish her distinct approach. Reports suggest she aims to differentiate herself from Biden on certain issues, particularly inflation, which has been a significant challenge during his presidency.
Meanwhile, Trump is expected to respond shortly after the event, continuing his campaign amid the tumultuous political landscape following the Democratic candidate switch.
