Rare moment of congressional accord could dampen drug prices

US President Joe Biden looks set to secure a major legislative win that would affect drug pricing in the country, as the Inflation Reduction Act narrowly won Senate approval on Sunday.

The legislation, a greatly-reduced incarnation of the original $3.5 trillion Build Back Better plan, comes with a still-substantial price tag of $430 billion.

The bill is designed to reduce medical and energy costs and has been assessed by the independent Congressional Budget Office as having the potential to reduce the deficit by around $100 billion over a decade.