Health & Human Services Secretary Xavier Becerra outlined the Biden Administration’s plan to reduce the cost of prescription drugs. The 29-page plan supports legislation that allows the federal government to negotiate lower drug prices on the costliest drugs each year, and pass those savings on to insurers. It would also reduce regulatory barriers in order to get new drugs approved by the FDA and incentivize drug makers to develop medications that are already on the market in the U.S. in order to reduce prices. Per-capita prescription drug spending in the U.S. far exceeds that of other high-income countries.
