Industry responds to Biden's compromise plan on Medicare drug price negotiations

Campaigners were furious last week at the news that US President Joe Biden’s Build Back Better framework would exclude a plan permitting Medicare to use its bargaining power to lower the price of prescription drugs for Americans.

But President Biden and the Congressional Democrats were determined that this would not be the end of the matter and this week they have come up with a ‘compromise plan’.

The revised proposals will ‘reduce the costs of prescription drugs, while ensuring we continue to reward innovation and breakthrough new treatments’, according to a White House statement.