The White House claims the new plan will save the Medicare program $6 billion in 2026 alone.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
It was a day of strong gains for the stock market as recession fears were swept aside. Retail sales surprisingly saw their biggest jump in a 1-1/2 years in July and new applications for unemployment benefits fell to a one-month low. Walmart kept the good vibes going with quarterly results that showed shoppers at all income levels continued to spend.
Consumers will remain in focus on Friday when consumer sentiment figures are released. Investors will also get a glimpse into Warren Buffet’s empire when Berkshire Hathaway releases its quarterly numbers.
In other headlines: The White House announced price tags for 10 key medications that it says will reduce Medicare expenses by roughly $6 billion starting in 2026. Medicare users, on the other hand, are estimated to save $1.5 billion in co-payments beginning the same year.
The announcement culminates tense negotiations between the Biden Administration, Medicare officials, and the pharmaceutical industry.
President Biden called this a historic milestone. “It’s a relief for the millions of seniors that take these drugs to treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease and more. – and it’s a relief for American taxpayers.” He also said “the Vice President and I are not backing down. We will continue to fight to make sure all Americans can pay less for prescription drugs and to give more breathing room for American families.”
Other results of the landmark negotiation include a cap on how much patients pay for insulin and limits on total out-of-pocket prescription costs each year.
Pharmaceutical companies say the price caps do not reflect the true cost their drugs contribute to improving quality of life.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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