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President Biden on Tuesday touted the Inflation Reduction Act as a loss for Big Pharma and a win for millions of Americans who will save money on prescription drugs.
"We pay more for prescription drugs than any other advanced nation in the world. And there's no good reason for it," Biden said from the White House. "For years, Big Pharma has stood in the way. Not this year.
"This year, the American people won, and Big Pharma lost."
President Biden holds his face mask and waves as he exits Air Force One at Capital Region International Airport Oct. 5, 2021, in Lansing, Mich. (AP Photo/Evan Vucci / AP Newsroom) BIDEN SIGNS INFLATION REDUCTION ACT: HERE'S WHAT IT MEANS FOR YOUR WALLET
The legislation, which the president signed into law last month, will put a $2,000-a-year cap on out-of-pocket expenses for prescription drugs for seniors along with a $35 monthly cap on insulin prescriptions.
Other benefits like free access to vital vaccines, like the shingles vaccine that costs most seniors roughly $100, will also be made possible starting in 2023.
Surprise billing has also been "outlawed," the president said.
Biden noted that he had hoped to extend the savings on prescription drugs for the nation’s youngest patients but said Republicans in Congress nixed it from the bill.
Insulin is displayed at Pucci’s Pharmacy in Sacramento, Calif., July 8, 2022. (AP Photo/Rich Pedroncelli, File / AP Images)
"Imagine being the parent of a kid suffering from Type 1 diabetes. Let's say you're paying $500, $600, $700 a month. You don't have it," he continued. "How in God's name do you look at that child?"
The president said that a bottle of insulin costs $10 to make, but due to pharmaceutical companies running unchecked for years, parents can end paying an exorbitant markup.
Biden went after Republicans in Congress who voted against the Inflation Reduction Act and said the reduction in medical expenses will be funded by clamping down on corporate taxes and ensuring corporations pay "their fair share."
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"Under Donald Trump, my Republican friends had no problem enacting a $2 trillion tax cut that overwhelmingly benefited the wealthiest Americans and the biggest corporations — not a penny which was paid for and massively increased the federal debt," Biden said, adding that the debt ceiling was raised by $2 trillion when Trump was in office.
"In 2020, 55 of the biggest corporations in America made $40 billion in profit. I'm happy for the profit," he continued. "But they didn't pay a single penny in federal income tax."
This photo provided by Novo Nordisk Inc. shows its Tresiba brand insulin. (Novo Nordisk Inc. via AP / AP Newsroom) CLICK HERE TO READ MORE ON FOX BUSINESS
Biden said his plan will require corporations to pay 15% in federal taxes, adding the U.S. is on track to reduce the national deficit by $1 trillion over the next year.
The Inflation Reduction Act is projected to lower the U.S. deficit by another $300 billion over the next decade.
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