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Biden pushes for lowering drug costs within budget proposal

Posted On: Aug. 17, 2021 10:06 AM CST

President Biden has outlined proposals for reducing prescription drug costs as part of a $3.5 trillion budget reconciliation proposal that Democrats have introduced in Congress, reports Healthcare Finance News. The president called for Medicare to cap yearly out-of-pocket drug costs for beneficiaries, backed Food and Drug Administration efforts to accelerate the development of generic medicines, and he suggested states work on plans to import lower-cost drugs from Canada.