Biden announces plan to lower prescription drug costs

WEST PALM BEACH, Fla. (CBS12) — The cost of prescription drugs in the United States is higher than most other developed countries, and as many Americans continue to experience sticker shock at the pharmacy counter, President Biden is proposing a plan to lower the cost of some lifesaving medications.

The proposal is part of the 'Build Back Better' bill, and would penalize drug companies that raise medication prices faster than inflation, put a cap on the price of prescriptions for seniors on Medicare, allow the government to negotiate Medicare drug prices and lower insulin prices for all Americans.

If the bill passes, the Secretary of Health and Human Services would negotiate the price of up to 10 drugs in 2025, and that number is expected to rise to 20 medications beginning in 2028.

The bill already passed in the House, and Democrats are hoping to see it thorough the Senate and ready for the President's signature by Christmas.