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On Tuesday, Democrats in Congress reached a deal to lower the price of prescription drugs as part of President Biden’s $1.75 trillion social spending plan. It is overcoming a key sticking point in ongoing negotiations over the president’s domestic policy agenda. Senate Majority Leader Chuck Schumer announced the agreement. He said the deal would allow Medicare to negotiate drug prices in Part B and Part D once the drugs have been on the market for a certain period of time. Schumer also said that the measure would lower the cost of insulin, cap Medicare patients’ out-of-pocket spending at $2,000 per year and prevent price gouging by the pharmaceutical industry. He delivered his words at a press conference at the Capitol.

Schumer said, “Fixing prescription drug pricing has consistently been a top issue for the Americans year after year, including the vast majority of both Democrats and Republicans, who want to see a change because they simply cannot afford their medications. Today, we’ve taken a massive step forward in helping alleviate that problem”. He also confirmed that Democratic Senator Kyrsten Sinema of Arizona agreed to this proposal. A spokesperson for Sinema said the senator welcomes the agreement and that House Speaker Nancy Pelosi contacted her over the weekend to continue negotiations. Sinema’s communications director, John LaBombard said, “The Senator welcomes a new agreement on a historic, transformative Medicare drug negotiation plan that will reduce out-of-pocket costs for seniors”.

The spokesperson also said, “It would ensure drug prices cannot rise faster than inflation to save taxpayer dollars and protect innovation to ensure Arizonans and Americans continue to have access to life-saving medications, and new cures and therapeutics”. Nancy Pelosi also said the deal clearly indicates that Democrats have a path forward to make good on this transformational agenda for our seniors. She said, “We are now finishing the drafting of the legislative text to reflect this important agreement. I am pleased with the compromise reached by House Members and Senator Sinema”.