President Joe Biden announced the selection of 15 additional drugs for Medicare price negotiation. These drugs are used to treat conditions such as diabetes and cancer, which are prevalent among seniors. The selected drugs, along with ten others previously negotiated, account for approximately one-third of Medicare Part D prescription drug spending.

Biden highlighted the financial relief these negotiations bring to seniors. "The lower prices my Inflation Reduction Act is delivering will put money back in seniors’ pockets across the country," he stated.

The administration completed its first round of price negotiations last year, achieving significant savings by reducing the cost of some widely used Medicare drugs by 40 to 80 percent. President Biden expressed satisfaction with these outcomes: "I’m proud of my Administration’s implementation of this law to deliver lower prices for America’s seniors."