Democrats reach deal to lower prescription drug prices in $1.75 trillion bill

Washington — Democrats in Congress reached a deal on Tuesday to lower the price of prescription drugs as part of President Biden's $1.75 trillion social spending plan, overcoming a key sticking point in ongoing negotiations over the president's domestic policy agenda.

Senate Majority Leader Chuck Schumer announced the agreement, and 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 added 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.

"Fixing prescription drug pricing has consistently been a top issue for 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," Schumer said at a press conference at the Capitol. "Today, we've taken a massive step forward in helping alleviate that problem."