Janice R. Andrews
President Joe Biden and Vice President Kamala Harris made a big splash on Thursday when they appeared together in Maryland to announce major modifications to Medicare’s prescription medication purchase program. Held just outside of Washington, D.C., the event evolved from a policy release into a display of biden and Harris’s mutual adoration and campaign rhetoric as they embraced their positions in the 2024 election.
A Joint Presence with a Twofold Role
Originally scheduled to serve as a platform to announce the government’s accomplishment in negotiating lower rates for ten of the most frequently purchased prescription pharmaceuticals under Medicare, the demonstration took place in Largo, Maryland. A larger “Inflation Reduction Act” was passed into law in 2022, and these adjustments are anticipated to be implemented in the next year. According to the administration, the first year alone will see savings of almost $6 billion for the US government as a result of these price reductions.
But the occasion soon turned into a platform for political advocacy and solidarity. Following President Biden’s recent announcement that he would not be running for president in 2024 and Vice President Harris’s announcement that she will be the Democratic front-runner, the two leaders used the opportunity to strengthen their alliance and mobilize support.
In praise of Harris, Biden said, “She Can Make One Hell of a President”
President Biden complimented Harris in a way that struck a chord with the crowd, stating, “She can make one hell of a president.” He highlighted the significance of the November 5 election, saying that the objective was to “beat the hell out of” the Republican rival. In addition to highlighting Biden’s belief in Harris’s capacity for leadership, his remarks also emphasized the importance of the next election.
Harris, for her part, made a few succinct comments expressing her affection and regard for Biden. She referred to him as “the most extraordinary human being” and said it was a pleasure to work with him. Harris said, “There’s a lot of love in this room for our president,” to applause of “thank you, Joe” that erupted. As they get ready for the next stage of their political careers, the rally demonstrated the two leaders’ close relationship.
Medicare’s New Drug Costs: An Administration Win
The revelation of the recently negotiated lower prescription medication costs under Medicare became the centerpiece of the occasion. Ten commonly used pharmaceuticals will experience large price reductions as a result of the adjustments, according to the U.S. government; one prescription will see a price reduction of 79%. The diabetic medication Januvia from Merck & Co. saw the biggest price drop, and Novo Nordisk’s insulin aspart products would experience a price reduction of 76%. The price reductions for the other pharmaceuticals on the list will range from 38% to 68%.
Both Biden and Harris underlined in their comments how Big Pharma is being directly challenged by these reforms. Declaring, “We finally beat Big Pharma,” Biden emphasized the administration’s attempts to bring down American healthcare expenditures. “My entire career, I have worked to hold bad actors accountable and lower the cost of prescription drugs,” Harris said, echoing this view.
Republican Resistance and Business Issues
The modifications to Medicare’s medication purchase program have not been without criticism, despite the administration’s victory. The new regulations have drawn criticism from Republicans and business lobbyists, who claim that they amount to “price-fixing” and may eventually drive up costs or inhibit innovation in the field of drug development. The pharmaceutical industry has issued a warning, stating that these modifications may deter funding for the creation of novel drugs and ultimately endanger people.
In response to these worries, Harris said in her speech that the modifications were made possible because she had to cast the Vice President’s unique 101st vote in the Senate to break a 50-50 tie. The legislation was not backed by any Republican senator, highlighting the party gap over healthcare policy.
Medicare’s Effect on American Health Care
Medicare is a government health insurance program that mostly covers persons with disabilities who are younger than 65 and those who are beyond 65. In the US, it is expected to cover or partially cover about 60 million individuals. Considering that over 50% of American voters in 2020 were 50 years of age or older, Medicare has a big influence on this group, especially as they get closer to program eligibility.
The rising cost of healthcare in the United States is a big worry for many citizens, making up around 16% of the country’s GDP and 8% of household expenses. Given that the United States has the most costly healthcare system among industrialized countries, voters will likely view any attempts to lower costs—especially for prescription drugs—as critically important.
Considering 2024 Up Front
Their combined presence in Maryland served as a potent reminder of Biden and Harris’s common commitment to reducing healthcare costs and enhancing the lives of Americans, even as they continue to negotiate their new campaign positions. Harris is expected to be officially certified as the party’s nominee at the Democratic convention in Chicago, thus the Largo event was vital in mobilizing support and rousing the base.
The Biden-Harris administration’s ability to lower Medicare prescription medication costs may prove to be a crucial factor as the 2024 election draws near, especially for older voters who stand to gain the most from these reforms. The Maryland rally marked only the start of what looks to be a fierce and keenly followed campaign season.
