NEW HARTFORD — The Biden administration announced plans Tuesday to negotiate Medicare drug prices for ten medications, including treatments for diabetes.
Iowa Senator Chuck Grassley has worked on legislation to fight escalating drug prices and says the government should not dictate payments. “So, I believe drug prices are too high, but we ought to do it through the marketplace. Do I believe costs for pharmaceuticals are too high? Yes, I do. The drugs for diabetes should not be more than a 35 dollar monthly limit for example,” Grassley says.
The Republican says taking decision making away from pharmaceutical companies will result in less money going into the research to develop new drugs. “You take decision making away from the companies that you’re not going to end up with the research that goes into developing drugs,” Grassley says. “And remember, it takes about one out of 100, and it takes usually a billion dollars to get a drug to market.”
The plan faces legal action from pharmaceutical companies. The negotiated prices are expected to start in 2026.