Biden and Harris to Hold First Joint Event on Lower Drug Costs

President Joe Biden and Vice President Kamala Harris are set to hold their first joint event since Biden exited the 2024 presidential race and endorsed Harris as his successor at the top of the Democratic ticket. The event will take place at 1:30 p.m. ET at Prince George’s County Community College in Maryland.

The leaders will discuss the state of the economy and highlight the efforts made by their administration to lower costs for Americans. This comes on the heels of a significant announcement made earlier in the day regarding price negotiations on essential medications.

The Department of Health and Human Services has reached an agreement that is expected to save Medicare enrollees $1.5 billion in out-of-pocket expenses when the new prices take effect in 2026. ”It’s a relief for the millions of seniors who rely on these drugs for conditions such as heart failure, diabetes, and arthritis,” Biden stated in a press release.

While Biden publicly celebrates this achievement alongside Harris, she emphasizes the deal’s transformative potential in her own statement. Harris referred to it as “lifechanging for so many of our loved ones across the nation,” stressing that “every American should have access to the health care they need, regardless of their financial situation.” She acknowledged the role of the Inflation Reduction Act, legislation she voted for that aims to make health care more affordable.

The price negotiations represent a pivotal aspect of the Inflation Reduction Act, enacted in 2022. This legislation allows the government to negotiate directly with drug manufacturers for the first time within the Medicare program. Following the initial agreement for 10 drugs in 2026, the government plans to negotiate prices for an additional 15 drugs in 2027 and another 15 in 2028, with the potential for up to 20 more drugs to be added each subsequent year.

While Harris aligns herself with Biden’s cost-lowering initiatives, the timing coincides with her upcoming campaign appearance in North Carolina, where she is expected to unveil her economic platform. This will mark her first major policy rollout since becoming the Democratic nominee.

On Friday, Harris plans to advocate for a federal ban on corporate price gouging concerning food and grocery items. The campaign has made it known that she intends to empower the Federal Trade Commission as well as state attorneys general to investigate and penalize companies that violate these proposed regulations.

Her campaign stressed that while price fluctuations are a normal aspect of free markets, there is a stark difference between fair market pricing and excessive pricing that does not correlate to the costs of goods and services. “Americans can clearly see that difference when they look at their grocery bills,” the statement added.

Additionally, Harris has voiced support for eliminating the tax on tips for service workers—a plan that echoes recent proposals made by former President Donald Trump. Her economic agenda promises to address rising costs in health care and housing as well.

Meanwhile, in a separate event, Trump criticized the Biden-Harris administration’s economic record. He presented his proposals to eliminate taxes on tips and Social Security benefits for seniors. Trump’s remarks were laden with inaccuracies regarding economic conditions and his own tenure but nevertheless resonated with some of his audience.

Trump claimed, “With four more years of Harris, your finances will never recover, and the country will remain unrecoverable.” He urged voters to choose him, stating that under his leadership, incomes would rise and homeownership would become feasible for young people again, invoking the idea of restoring the American dream.