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President Joe Biden waits on stage during a White House event announcing moves to lower the prices of ten widely-used prescription drugs

Biden’s drug deal of the century

The Biden administration this week selected the first 10 drugs that will be subject to price negotiations between the US government and pharma companies.

The move, part of the White House’s signature Inflation Reduction Act, aims to bring down the sky-high prices that people on Medicare, the government’s medical insurance program for people 65 and older, pay for many lifesaving drugs. By wrangling down drug prices, Biden also hopes to shore up the financial solvency of Medicare itself. The new, lower drug prices are supposed to take effect by 2026.

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