Slow but significant process lowering prescription drug prices

It fell short of the reductions some Democrats wanted, but a plan to reduce the price of some prescription drugs is rightfully being hailed as a major accomplishment. The Biden administration announced that negotiations with major drug companies will lead to significant reduction in cost for many drugs that many older and disabled Americans rely on. Life-saving drugs that treat things like diabetes, arthritis and heart disease will become more affordable for the millions who rely on them. The Department of Health estimates about 9 million seniors who were enrolled in Medicare’s prescription drug plan used at least one of the drugs that will become more affordable. That is real progress. But it is also progress that comes much too slow. Lawmakers have been working for decades to get this deal done, and still the price negotiations leading to lower prices won’t be complete until 2026. That will be too late for too many elderly Americans. And even when the prices drop, they will still be significantly higher than what people in other countries are paying for the same prescription drugs. The progress has been slow, but it does mark a victory against one of the most powerful special interests in Washington.