Health

Bristol, Lilly Blockbuster Drugs Targeted by Biden for Medicare Price Cuts

J&J’s Stelara, Novo’s Novolog on list for US negotiations
Prices may be cut by 50%, saving Medicare $100 billion by 2031

WATCH: Biden vows to keep taking on “Big Pharma.”Source: Bloomberg

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By Nacha Cattan, John Tozzi, and Madison Muller

August 29, 2023 at 11:39 AM UTC

Updated on

August 29, 2023 at 7:58 PM UTC

This article is for subscribers only.

President Joe Biden said his historic foray into negotiating prices with Bristol-Myers Squibb Co., Johnson & Johnson and other drugmakers is just the start, vowing to see it through despite fierce industry pushback.

“We’re not stopping there. Next year, Medicare will select more drugs for negotiation so more Americans get more savings on life saving medications they need,” Biden said at a White House event on Tuesday.