Biden to sign order seeking new prescription drug cost savings

President Joe Biden will sign an executive order on Friday requiring federal officials to take action on prescription drug costs. The order will direct the U.S. Department of Health and Human Services (HHS) to develop new models of care and payment that could help reduce drug costs within 90 days. This pre-election trip is designed to promote Democrats’ health policies.

Biden plans to sign the order during a trip that includes stops in California on Friday and Oregon on Saturday as he positions his party as a champion of lower healthcare costs ahead of the November 8 midterm elections at a time when inflation ranks among voters’ top concerns.

Data from Thursday showed that U.S. consumer prices jumped 8.2% in the 12 months through September after reaching above 9% in the summer and growing at their quickest pace since 1981. Healthcare costs, along with food and rent expenses, were partly responsible for this increase in the most recent month.

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