Biden signs executive order lowering prescription drug costs through Medicare

President Biden signs an executive order directing the Department of Health and Human Services to expand access to low-cost generic drugs and develop a model for public drug pricing. The action builds on provisions in the Inflation Reduction Act that allow Medicare to negotiate prescription drug prices for the first time in history. The order aims to lower drug costs for seniors and address high prescription drug prices in the United States compared to other countries. Medicare drug price negotiations will begin in 2023 for 10 drugs, expanding to 20 drugs by 2027.