White House Says Deal Struck To Cut Prices Of Popular Medicare Drugs That Cost $50 Billion Yearly

WASHINGTON (AP) — The Biden administration is taking a victory lap after federal officials inked deals with drug companies to lower the price for 10 of Medicare’s most costliest drugs.

But it shared few immediate details about the new price older Americans will pay when they fill those prescriptions.

White House officials say they expect taxpayers to save $6 billion on the new prices.

Older Americans could save roughly $1.5 billion when filling prescriptions.

The administration shared no information as to how they arrived at the figures.

The newly negotiated prices will impact the price of drugs used by millions of older Americans to help manage diabetes, blood cancers and prevent heart failure or blood clots.