Major drugmakers have grudgingly agreed to negotiate on reducing prices for 10 medicines, the White House said Tuesday, a key element in President Joe Biden's push to lower healthcare costs ahead of the 2024 election.The White House said makers of 10 medicines for serious illnesses, selected earlier in the year for price negotiations with the US government, have all agreed to participate in the talks ahead of an October 1 deadline.
The Biden administration announced last week the first 10 prescription medications for which it will negotiate prices under the Inflation Reduction Act, including some of the most commonly prescribed drugs for heart disease and diabetes. Here's how price negotiations could change things.