Biden vs. Big Pharma: Medicare to Begin Negotiations to Lower Price of 10 Costly Drugs & Insulin

The Biden administration has taken a major step to rein in price gouging for prescription drugs in the United States. Medicare will now be able to negotiate prices on 10 of the most expensive drugs used to treat diabetes, cancer, heart disease and more. That list is set to expand over the years. In what's seen as a blow to Big Pharma, the White House says the move, a part of the Inflation Reduction Act, will benefit more than 9 million people in the U.S. and lead to $100 billion in savings over the next decade. Pharmaceutical companies have already filed at least eight lawsuits contesting the new rule. We're paying far more than the rest of the world, and there's no rational basis for it," says Peter Maybarduk of the nonprofit consumer advocacy organization Public Citizen. Maybarduk joins us to discuss how the new negotiation process aims to break up drug monopolies and disband the pharmaceutical industry's profit incentive.