Biden and Sanders on Drug Costs in New Hampshire

… because people are fired up. Thank you all so much for being here, and thank you to the New Hampshire Technical Institute for hosting us this afternoon.

(00:13)
I know that you join me in being so excited to welcome back President Joe Biden to New Hampshire. I know we can’t wait to hear from him. I want to thank Lauren. Who was going to share her story and we will hear from her very soon. The president brought us together today to really discuss a critical issue to Granite Staters in the country, and that is the skyrocketing cost of prescription drugs.

(00:49)
Now, some of you may know that that’s a particular issue for our family because my granddaughter Elle was diagnosed with type 1 diabetes shortly after her eighth birthday. Her mother Stefany is here with me this afternoon, and of course, grandfather Billy, my husband Billy, is here as well. And we’ve all seen first-hand the challenges that Elle and her family, Stefany, her husband Craig, face, trying to control diabetes at such a young age. And our family has resources. We’ve had health insurance. They know how to manipulate, not to manipulate, to work through the system. Would, that we couldn’t manipulate the system, right.

(01:42)
But Elle and millions of other Americans rely on daily insulin and without it they would die. The sad truth is that it is corporate greed that has made insulin unaffordable, that’s pushed it out of reach for millions of families. Too many are forced to choose between putting food on the table and paying for the medications that they need to survive. And in the wealthiest nation on earth, Americans and our fellow Grranite Staters should never have to make these kinds of life and death decisions. Insulin, like all prescription drugs, should be affordable and accessible to everyone who needs them.

(02:42)
That’s why I’m very proud of what the Biden-Harris administration has done in the last three and a half years. Why I’m proud to have been part of some of those legislative decisions. President Biden and Vice President Harris have overseen comprehensive historic reforms to lower the price of prescription drugs, a massive leap toward ensuring that all Americans can get the medications that they need. And we’ve capped insulin at $35 a month for Medicare beneficiaries, but now it’s time we cap insulin for everybody who needs it, cap the cost. And for the first time in our history, the United States is negotiating the price of high-cost prescription drugs. And that means lower costs at the pharmacy, not just for seniors, but for all patients who need life-saving prescriptions. The president and Congress also capped out-of-pocket drug costs for Medicare beneficiaries. In fact, just this morning a new report showed that patients have and will continue to save billions on their costs of prescription drugs because of this policy, but of course, we know there’s still more to do.

(04:13)
It’s past time, as I said, that we cap the cost of insulin for all Americans and Senator Sanders is here from Vermont with us this afternoon, so we want to ask him to take up my Bipartisan Insulin Act. And we have to keep health insurance affordable for low and middle-income families, which means extending vital ACA tax credits that keep premiums low for families. We need to negotiate the price of more drugs to keep your hard-earned dollars in your pockets. I know the president agrees with this. In a few minutes, he’s going to tell us all how he’s going to keep fighting for families and lowering the cost for every American. I know we all look forward to hearing what he has to say and what he’s going to continue to do for the remainder of his administration and once he leaves office.

(05:19)
So thank you all again very much for your attention.

Please welcome Senator Maggie Hassan.

Hi. Good afternoon, everybody. Hello. Well, good afternoon, New Hampshire. How’s everybody doing? Thanks to everyone for being here at NHTI and thank you for being here to welcome President Biden back to New Hampshire.

(06:07)
We have a great lineup. It’s great to be here with my colleagues. And I know we’re going to hear from a number of folks, including Lauren, who is going to talk to us about her personal story, and I’m really grateful that she is willing to share that. And I know that we are all grateful for President Joe Biden’s leadership, both through the Inflation Reduction Act and across his lifetime of public service in making healthcare more affordable for more Americans. Our country is a better place because of Joe Biden.

(06:44)
Today is about an issue critical to Granite Staters, the cost of prescription drugs. The good news is that the New Hampshire delegation and the Biden administration, along with Senator Sanders, who you will be hearing from, have taken important steps to bring down prescription drug costs. Our efforts are making a difference for Granite Staters, putting money back in their pockets, and demonstrating that in a democracy, citizens can speak up and create change.

(07:14)
As you all know, far too many people have to make gut-wrenching decisions between making ends meet and affording life-saving prescriptions. Thanks to the advocacy of everyday Americans here in New Hampshire and all across the country and the determined leadership of President Biden and Vice President Harris, we took on Big Pharma and we passed the Landmark Inflation Reduction Act.

(07:41)
And it is already, as you heard Jeanne talking about, it is already helping seniors on Medicare. The law capped their out-of-pocket medication costs and capped the cost of insulin covered by Medicare at $35 a month. The changes already in place are expected to save Granite State seniors more than $17 million this year. And halfway through 2024, over 5,000 Granite Staters have already hit their out-of-pocket cap for this year. Another provision of the Inflation Reduction Act. The Inflation Reduction Act effectively says that in America, we put seniors first, not Big Pharma.

(08:37)
One of the most important pieces of this legislation is finally allowing Medicare to negotiate prescription drug prices, which starting in 2026, will lower out-of-pocket prescription costs for some of the most frequently used medications for diabetes, kidney disease, heart failure, and more. This will directly lead to lower costs for seniors and it will also drive competition and put pressure on pharmaceutical companies that can help make life-saving medications more affordable for everybody in the long run.

(09:11)
Not only does our law lower prices for patients, it also saves Medicare money, so it saves taxpayers money. We don’t have to make false choices. We can save taxpayers’ money and save lives at the same time. There is more work to be done of course. That’s why, for example, my colleagues and I continue to push additional legislation to stop drug companies from abusing the system to keep prices high. Taking on Big Pharma to lower costs isn’t easy, but under the Biden-Harris administration, we’ve shown that it’s a fight that we can win.

(09:48)
Finally, I want to note that the success we’ve had so far is a testament to the strength of our democracy. It was a long road before we were able to allow Medicare to negotiate prescription drug prices and pass the Inflation Reduction Act. But we got this legislation across the finish line because everyday Americans, including Granite Staters, refused to give up. They voted, they talked with their friends and neighbors, and they created a movement which pushed their elected officials, and leaders like President Biden and Vice President Harris listened to the people and fought for them.

(10:27)
That’s why democracy matters. People are going to save money and they’re going to live longer, better, healthier lives because ordinary Americans made their voices heard. The Inflation Reduction Act is a reminder that in America, even when we are faced with seemingly intractable political obstacles, we always have the capacity to make our country a better place.

(10:52)
Thank you all. God bless America. God bless, New Hampshire. Take care everybody.

Please welcome Representative Annie Kuster.

Good afternoon, everyone. Great to be with you. I am so excited to be here with all of you and with President Biden to highlight the important work that the Biden-Harris administration is doing to lower the cost of prescription drugs.

(11:37)
It’s no secret to anyone in this room that for years the cost of healthcare, and specifically prescription drugs, has been too high for far too many Americans. And that’s exactly why the Biden-Harris has made lowering costs and expanding access to healthcare a cornerstone of its agenda. And they have delivered. As you’ve heard from Senator Shaheen and Senator Hassan, thanks to the leadership of President Biden and Vice President Harris, Congress passed the Inflation Reduction Act, taking significant steps to rein in the cost of medicine and we are already seeing the benefits of this landmark legislation.

(12:23)
As you’ve heard before, the Inflation Reduction Act, Americans with diabetes paid literally hundreds of dollars every month for life-saving insulin. Thanks to the leadership of the Biden-Harris administration, the cost of insulin for Medicare beneficiaries is now capped at $35 a month. And now the administration is working hard to extend these benefits to all Americans to ensure that everyone can access the medicine they need and deserve.

(12:56)
Before the Inflation Reduction Act, politicians talked for years about allowing Medicare to negotiate bulk discounts for prescription drugs, but failed to deliver. Instead of just talking about it, President Biden and Vice President Harris took action. Thanks to their leadership and to Congress working with them, Medicare is now negotiating with pharmaceutical companies to save taxpayers billions of dollars on prescription medication. Before the Inflation Reduction Act, some seniors literally had to choose between paying for prescription medication and putting food on their table. In the wealthiest nation on earth, this is simply unacceptable.

(13:44)
Now, after lengthy negotiations starting just next year, 2025, there will be a $2,000 cap on out-of-pocket expenses for prescription drugs for seniors on Medicare. And this is just the beginning. Leadership does matter, and the leadership of President Biden and Vice President Harris is making a real difference in the real lives of people right here in New Hampshire, including our constituents. Thank you.

Please welcome Mayor Byron Champlin.

If you’re going to stand for me, you better stand for the president, let me tell you. Concord has been called a small city with a big heart. It’s a diverse city that is proud to host state government, and it’s a city on the rise. We’re home to important public and cultural institutions, such as the McAuliffe-Shephard Discovery Center, Concord Community Music School, the Capitol Center for the Arts, Kimball Jenkins School of Art, Red River Theaters, the UNH Franklin Pierce School of Law, and our host today, NHTI, Concord’s community college.

(15:43)
Concord has been ranked in the top 25 of the best 100 remote work sites in the world. In the world. Zillow named us among the top 10 communities searched on its site in 2023. AARP this year recognized us as one of six great cities where older residents thrive, and Municipal Magazine ranked us as one of the top 10 state capitals where residents flourish.

(16:20)
Our success, our success is the result of visionary planning and prudent management, and a constructive partnership with the federal government which has helped us reimagine and realize an accessible, vibrant downtown and main street, a Greenway Trail along the Merrimack River, a new municipal airport terminal, and other projects. President Joe Biden has led the way in ensuring a productive and collaborative relationship between Washington and Concord, as have Senator Shaheen, Senator Hassan, and Congresswoman Kuster.

(17:02)
I thank President Biden for his leadership, dedication, and service to our city, our state, and our country. And I take immense pleasure on behalf of the city and its people in welcoming him to Concord.

Please welcome CMS Administrator Chiquita Brooks-LasSure.

Thank you. Thank you. Thank you. Thank you.

It is such a pleasure to be here. I am Chiquita Brooks-LaSure. I’m the administrator for the Centers for Medicare and Medicaid Services. I oversee federal healthcare programs that cover nearly half of the population of the United States from Medicare, Medicaid and CHIP and the health insurance marketplaces or Obamacare. I am so happy to be here with you today to discuss lowering prescription drug costs, which I know is just such an important topic for everyone in this room and our loved ones. From day one, this administration, the Biden-Harris administration has made it a top priority to make high-quality healthcare affordable for all Americans, no matter what they look like, where they live or how much money they have. Thanks to the president’s Inflation Reduction Act, we are delivering meaningful savings on prescription drugs, drug costs to people with Medicare. This means real savings for real people.

(19:09)
For the first time this year, the president’s prescription drug law capped out-of-pocket costs for people with Medicare who have very high drug costs. These are people who have cancer, diabetes, and other chronic conditions whose drugs cost thousands of dollars a year. Because of this new policy, already about half a million people with very high drug costs have hit this new cap and saved as much as $1,800 each just in the first half of this year. And starting next year, everyone with Medicare prescription drug coverage won’t have to pay more than $2,000 out-of-pocket for their prescriptions.

(19:58)
So once you’ve paid $2,000, your prescriptions will be free of charge. Those are real savings you can count on. We’re also lowering the cost of expensive drugs for common conditions like diabetes, heart disease, rheumatoid arthritis, and cancer. For the first time in history, Medicare is able to negotiate the cost of prescription drugs. We started with 10 medications this year and I’m proud to say we reached agreements for new lower prices for all 10. When these negotiated prices go into effect in 2026, we estimate that people with Medicare will save as much as $1.5 billion. I can’t leave without mentioning that your flu, COVID-19 and vaccines for pneumonia, for RSV and shingles are free of charge thanks to the work of the Biden-Harris administration, whether you’re on Medicare, Medicaid, or the Affordable Care Act coverage. None of these savings on prescription drug costs were possible three years ago. I want to thank the president and Vice President Harris for their tireless dedication to lowering drug costs for people with Medicare. Please enjoy the rest of the program.

Please welcome Senator Bernie Sanders.

Thank you, thank you, thank you. Well, I join all of you in welcoming President Biden to New Hampshire where we know that the weather is always like it is today, right? It’s always warm and sunny. The leaves are always brilliant. So president, please come back and visit us soon. In America today, as I think all of despite being the only major country on earth not to guarantee healthcare to all people as a human right, despite that, we are spending almost twice as much per capita on healthcare as the people of any other country on earth. We’re spending over $13,000 for every man, woman, and child, an unsustainable amount of money. And one of the reasons for that is the outrageously high cost of prescription drugs in this country. And the truth of the matter is that the American people, whether they are Democrats, Republicans, or independents, are sick and tired of paying by far the highest prices in the world for prescription drugs.

(23:36)
There is no rational reason why Merck should be charging diabetes patients in America $6,900 for Januvia when that same product can be purchased Canada for $900 and $200 in France. No rational reason why Johnson & Johnson charges Americans with arthritis $79,000 for Stelara when that same exact product can be purchased for just 16,000 in the United Kingdom. No rational reason why Bristol Myers Squibb charges patients in America $7,100 for Eliquis when that same exact product can be purchased for just $900 in Canada and $650 in France. I personally, on two occasions have led Americans into Canada where we purchased on one occasion a breast cancer drug and on another occasion insulin. And the differential was that in Canada the cost was 1/10th the price that it was in the United States for the same exact product. Now, the result of that absurd reality is that while the top 10 pharmaceutical companies made over $110 billion in profit last year and paid their CEOs exorbitant compensation packages, one out of four Americans cannot afford the medicine their doctors prescribe.

(25:31)
How insane is that? So what happens is people go to the doctor, they’re sick, doctor makes a diagnosis, writes a prescription, people can’t afford it. So what happens? They end up in the emergency room, they end up in the hospital, they suffer because they cannot afford the outrageous cost of medicine in this country. That is unacceptable. And together we are going to make that change. In the United States, we must substantially lower the cost of prescription drugs so that all of our people can afford the medicine they need so that we can lower hospital costs.

(26:20)
When you go to the hospital price is high, one of the reasons is the cost of prescription drugs so that we can lower our private insurance costs and so that we can lower out-of-pocket insurance costs as well. In the midst of all of this, let me give you some very good news, and I think you’ve heard it from other speakers this afternoon, and that is under the leadership of President Biden and Vice President Harris we are making significant progress in taking on the greed of the pharmaceutical industry and lowering prescription drug prices in our country. Today, no senior in America is paying over $35 a month for insulin. Beginning next year, no senior in America will pay over $2,000 a year for prescription drugs, no matter how many drugs they need.

(27:19)
And Medicare, despite the fierce opposition of pharma, is for the first time in history negotiating with the drug companies to lower the price of some of the most expensive drugs in America. As a result of these negotiations, guess what? The price of Januvia in America will be cut by 79%. The price of Eliquis in America will be cut by 56% and the price of Stelara will be cut by 66%. That is real consequential progress, and I want to thank the president and the vice president for having the courage to be the first administration in the history of this country to stand up to the greed of the pharmaceutical industry and take them on. I’m also proud of the accomplishments of the Senate Committee on Health Education, Labor and Pensions, which I chair and which your Senator Maggie Hassan has done a great job on as well. And we have been working hard with the Biden administration to bring down the cost of prescription drugs. Earlier this year, the health committee launched an investigation into the outrageously high price of inhalers for people with asthma. That’s 25 million Americans. And what we learned is that the American people were paying in many cases, 10 to 70 times more for inhalers than the people in Canada and in Europe. Working with the Biden administration and Lina Khan, the Chair of the FTC, I’m proud to tell you that the CEOs of three major inhaler manufacturers agreed to cap the cost of these inhalers at no more than $35. But despite all that we have accomplished, it is not enough, much more needs to be done. In his State of the Union address, President Biden called on Congress to pass legislation to cap out-of-pocket prescription drug costs for all Americans at no more than $2,000 a year, for all Americans and to substantially increase the number of drugs that can be negotiated with the pharmaceutical industry. And I strongly agree with them. And let me give you just one example of what we have got to be doing in the immediate future. Earlier this year, the president and I called on Novo Nordisk and Eli Lilly to significantly reduce the price of their blockbuster drugs for diabetes and weight loss. These are very, very important drugs being used all over the world. Problem is they’re so expensive that many people in this country simply can’t afford them.

(30:43)
In the president’s view and in my view, it is unacceptable for Novo Nordisk to charge Americans with diabetes $969 for Ozempic when that same exact drug can be purchased for just $71 in France and $ 59 in Germany. It is also unacceptable for this extremely profitable company to charge struggling Americans who are dealing with obesity $1,300 for Wegovy when that same product cost $92 in the UK. As President Biden and I stated in an op-ed that we jointly wrote, quote, “If Novo Nordisk and other pharmaceutical companies refuse to substantially lower prescription drug prices in our country and end their greed, we will do everything within our power to end it for them.”

(31:48)
So let me be very clear, we are making some progress, we’re negotiating, we’re talking to these guys, we’re not there yet. So in my view, if Novo Nordisk and Eli Lilly do not do more to substantially reduce the price of these drugs, I believe the administration should take bold action to make these drugs more affordable and more accessible. The outrageously high price of these drugs are forcing hundreds of thousands of Americans today to buy cheaper copycat versions of these drugs that have not been approved as safe and effective by the FDA. In other words, people desperately want the product and they’re buying some drugs which may not be safe. This is unprecedented and in my view unacceptable. Generic drug companies have told me that if the administration exercises its authority to end the monopoly Novo Nordisk has over Ozempic they could sell the same FDA-approved drug for less than $100 in the United States.

(32:53)
And that is what we should be prepared to do if they are not going to lower their prices. In my view, we have got to move forward aggressively so that the people in the United States are no longer paying more for the same prescription drugs than our friends in Europe, Canada, or Japan. And if we did that, we didn’t pay any more. We would cut the cost of prescription drugs in this country by more than 50%. Bottom line, the pharmaceutical industry must stop ripping off the American people. Now this is a fight that will not be easy. Let me tell you why. Pharmaceutical industry today has over 1800 well-paid lobbyists on Capitol Hill. Got it? 1800 for 535 members of Congress and that includes former leaders of the Democratic and Republican Party.

(33:58)
In the last 25 years, pharmaceutical industry have spent over $8.5 billion on lobbying and over $750 million in campaign contributions. Their greed has no end. But in my view, if Congress has the guts to ignore all the lobbyists, to ignore all the campaign contributions, and to finally listen to the American people, whether they’re progressive, conservative, or moderate, and do the right thing, we can in fact substantially lower prescription drug prices for every American and end up not having to pay by far the highest prices in the world for prescription drugs. Let us stand together. Let’s take on their greed. Let’s lower the cost of drugs in America. Thank you.

Won’t back down, no, I won’t back down.

(35:05)
You can stand me up at the gates of hell, but I won’t back down.

(35:16)
No I’ll stand my ground, won’t be turned around and I’ll keep this world from dragging me down, going to stand my ground and I won’t back down.

(35:38)
I won’t back down, baby, there ain’t no easy way out.

(35:38)
I won’t back down, stand my ground and I won’t back down.

(35:38)
Well, I know

… know what’s right.

(36:03)
I got just one line.

(36:07)
In a world that keeps on pushin’ me around.

(36:12)
But I’ll stand my ground.

(36:18)
And I won’t back down.

(36:22)
I won’t back down.

(36:22)
Hey, baby…

Please welcome, Lauren Savage.

Good afternoon. My name is Lauren Savage and I live with my husband here in Concord, New Hampshire. We are high school sweethearts and we’ll be celebrating our 53rd wedding anniversary next week. Thanks. Most of them, great. Over the last few years I’ve developed atrial fibrillation and was prescribed Xarelto to take daily. Unfortunately, the list price for Xarelto is around $500 a month, which is far too high for many seniors on fixed incomes. I know I’m not the only one in my community that’s experiencing this As a retired family service manager from early HeadStart, I know well the folks that ration insulin and have to choose between prescription drugs and other basic necessities.

(37:36)
Even in my weekly senior walking group, I have several friends who are also taking high cost drugs and we often talk about how difficult it is and challenging to cover the healthcare costs. But thanks to President Biden, I’m so excited that this year because of the Inflation Reduction Act, seniors are benefiting from $35 insulin capped out of pocket costs. It’s such a relief to know that next year my max out of pocket spending will be $2,000 and it gets better. Xarelto was on the first negotiated drug list and will be less than half that cost in 2026.

(38:22)
Having a champion like President Biden who never stops fighting for us really makes a difference for people like me. I never thought I would see lower drug prices, but President Joe Biden and Vice President Kamala Harris fought big pharma and made it happen. Having a champion like Joe Biden who never stops fighting for us really makes a difference for people like me. I just am amazed that this has happened and so appreciative. When he was elected president, Joe Biden said he would strengthen Medicare and the Affordable Care Act and boy has he delivered. It’s my deepest honor to introduce the man who made this all possible for me, for my family, and for my fellow Americans all across the country. President Joe Biden.

Thank you, everyone. Thank you, thank you, thank you. What’s your name?

[inaudible 00:39:50].

Oh, is that right?

[inaudible 00:39:53].

All right. Well, thanks for being here. Have a seat everyone.

Thank you, Joe. Thank you.

Well, thank you. Look, Lauren, thanks that introduction and for sharing your story. Unfortunately, there are too many stories like yours all across America. Sadly, it’s a familiar one to many Americans. People lay in bed at night literally staring at the ceiling wondering what would happen if their spouse became seriously ill or got cancer. If her child gets sick or if something happens to you, do you have enough insurance? Can you afford the medical bills?

(40:33)
Well, you have to sell the house. We have to get a mortgage. How in God’s name are we going to pay for those prescriptions? Prescription drugs are so high. And you find out a big reason why you’re lying awake at night and asking those questions is because big pharma is charging you exorbitant prices for the prescriptions you may badly need.

(40:55)
Literally higher prices than anywhere in the world. That’s not hyperbole. That’s a fact. Anywhere in the world. I’ve been fighting like others big Pharma since I was a United States senator back in the days we were told they couldn’t be touched. They had an exemption basically. Unlike other parts of the healthcare system, big Pharma got a special cutout carve out to prevent Medicare from negotiating prescription drug prices with them. They weren’t allowed to do that.

(41:22)
For years, advocates, like many of you here today, have worked tirelessly to change that and to give Medicare the power to lower prescription drug prices just like the Department of Veterans Affairs is able to do for veterans. Same power. And it matters. It matters a lot. That’s why one of the proudest things I’ve ever done was pass the Inflation Reduction Act. It allowed us to negotiate lower prices for prescription drugs.

(41:51)
Not a single Republican voter for this. Not one single Republican in House or Senate voted. Not one. But thanks to the Inflation Reduction Act, you’re finally beating big pharma in no small part because of your delegation. Not a joke. Because the partners like Senator Jeanne Shaheen, and I tell you what, she’s got a special secret weapon, Billy. You want in the foxhole, man. You want Billy in that foxhole with you, man.

(42:26)
And Maggie Hassan, representative Annie Custer, and especially Senator Bernie Sanders from Vermont. That’s why we’re here today to talk about a law that Democrats passed and is lowering prescription drug prices. And I might add, and I’ll explain in a moment, saving the taxpayers billions of dollars. Not just the individual recipients of the benefit, taxpayers. Americans are paying more for prescription drugs has been pointed out by Bernie than any other advanced nation in the world.

(42:57)
I can take you to the airport to put you on Air Force One with me and take you to any pharmacy from to… All right, man. All right. I can take you to Toronto, Canada, Paris, France, Rome, Italy. I can take you anywhere in the world, literally, and you’ll pay half or less than you’d pay in America for the exact same drug made by the exact same pharmaceutical company. Same drug, same pharmaceutical company. But not anymore. The help of Democrats in Congress. And Kamala by the way, cast the tie-breaking vote to make sure of that.

(43:44)
Tell me one vote doesn’t count. When I wrote this bill, they couldn’t get it passed. We had a one-vote majority. I mean it would never happen, but we stuck together. We finally got it done and it was a hell of a fight. The pharmaceutical company has Bernie referenced in another way, spent nearly $400 million, $400 million to defeat this single bill. $400 million. We meet this special interest and we deliver through the American people.

(44:18)
Because of this law, not only could Medicare finally negotiate lower prices, but also cap prescription drug costs for seniors total. This year at $3,500 in 2024 and in the next six months. By the way, in the first six months of this alone, year alone at out-of-pocket spending, we saved the people enrolled in Medicare nearly $1 billion in six months. 1 billion less out of your pocket nationwide in just the first six months. That means as of June, 1.5 million Americans who are enrolled in Medicare hit the cap and do not have to pay a dime more for drugs, for the rest of the year no matter what their costs are.

(45:07)
This bill is so expensive, people don’t fully understand it. And guess what? Starting this January, this January, the total cap of prescription drug costs for seniors and Medicare will be even lower. It’ll go down to $2,000. Now, I’d have to pay more than $2,000 no matter what the cost of the drugs are, no matter what. For example, some of you unfortunately know some of the cancer drugs can cost 10, 12, $15,000 a year. That’s not hyperbole. That’s a fact. This change is expected to save 19 million seniors and other people on Medicare. Save them, just those ones on Medicare, $7.4 billion out-of-pocket spending starting in January.

(45:51)
But here’s the deal. It’s also going to save the American taxpayers billions of dollars. I’ll go into this a little more detail, but the fact the bill we passed, the extensive it is. Guess what? The American taxpayer is going to save $160 billion [inaudible 00:46:10]. $160 billion because they no longer have, and Medicare have to pay $400 instead of $35 for insulin, for example. But that’s not all. Thanks to the law I signed for seniors are already saving on their prescription drug costs now.

(46:29)
For example, take insulin to treat diabetes. One in 10 Americans, one in 10 Americans has diabetes. I’m not going to ask you if you’re the one, but I bet how many of you know someone needs to take insulin for the diabetes? Raise your hand. You know how much it costs to make that insulin? $10, T-E-N. And you know the guy who invented it, who discovered the prescription to do it? He made sure that he didn’t patent it because he wanted it available for everyone, for everyone. That’s what he did. That’s what he did for everyone.

(47:08)
But guess what? Now they charge as much as $400 a month. Three years ago I was down in Northern, Virginia and doing a town hall and I met a 13-year-old boy named Joshua. He and his dad both have type one diabetes, which means they need insulin every day. I spoke with Joshua’s mom, imagine what it’s like to look at your child. I mean it sincerely. Think of this in personal terms. Imagine what it’s like to look at your child who needs insulin and you looking and know you have no idea, no idea how you’re going to pay for it. Not a joke.

(47:45)
One woman in that meeting said, “I have two children that need it. I have to cut the prescription in half and sometimes have to choose which one gets insulin.” What does that do to a parent’s dignity, their sense of self-worth, your ability to look your child in the eye? I mean this from the bottom of my heart. Look your child in the eye and say, “Honey, I’m sorry. I’m sorry.” Or imagine as a senior having to cut your pills in half to skip doses and forgo your prescriptions all together because you just can’t afford it. Folks, this is the United States of America. So when we got elected, we were told we’d never get anything done. We had a one-vote majority, and anyway, we’d never get anything big done. We got a hell of a big done. No. Because of this group right here. Thanks for one of those laws. Thanks to one of those laws, the Inflation Reduction Act, seniors of diabetes as you’ve heard now paying, now many of you know, $35 a month instead of $400 a month. That changes someone’s life.

(49:26)
Growing up in a family I grew up in, my dad used to have an expression. He said, “Joey, family is the…” I mean, this sincerely. My word is the Bible. Families are the beginning, the middle, and the end, and everyone, everyone is entitled to be treated with dignity. What’s it do to a parent? What’s it do to a parent? When you can’t provide something, you know, your child and your spouse badly needs and there’s no way you can pay for it. But Kamala and I want a $ 35 insulin for everyone. Not just seniors, for everybody.

(50:13)
She’s going to get it done. Look, folks, they’re still going to make a profit. They’re still making 350% profit, cost them 10 bucks to make it. Think about that. We’re taking on the cost more than just insulin. Medicare in the same bill, which people are only beginning to find out, understandably, because this bill is a bill that’s passed, but it goes on for years.

(50:44)
Medicare is now able to negotiate lower prices for some of the costliest drugs that treat everything from heart disease to arthritis, to cancer. And here’s what the law we’ve already passed has done, for the first time ever, every year from this point on, every year, calendar year, Medicare will negotiate the cost of additional prescription drugs.

(51:10)
Earlier this year, I announced a Medicare recent agreement with drug manufacturers on 10 new drugs that Medicare picked and said, “We’re going to negotiate the most common, most expensive drugs that treat everything from kidney disease to arthritis to blood cancer and more.” These new low prices for all 10 drugs will go into effect in January 2026 and cut the prices onto those 10 drugs by between 40 and 80%.

(51:38)
Next year, the next year, Medicare will negotiate another price, lower price for 15 additional drugs. And every year of that thereafter, until we get after 20, 20 drugs, until every drug is covered that’s on the market. Everyone. It’s already passed. Folks said ingest saving seniors money. I said, “It’s also saving taxpayers billions of dollars because Medicare will no longer have to pay exorbitant prices to pharma.” Over the next 10 years, just so far, the newer lower drug prices and other reforms, we’ve cut the federal deficit by $160 billion, while he raised it by 200 billion. I’m serious. Think about it. Look, I’m a capitalist. I was listed for 36 years, the poorest man in Congress, but I’m still a capitalist. You think I’m kidding? I got a phone call. I was campaigning for a colleague who was no longer around but was up in the neck of the woods in Vermont. Not Bernie, but his predecessor, and I got a phone call from my wife, said, “Joe…” Well, actually, I called home. When I’m away, I call to see how the kids are doing before she goes off to teach. She said, “Hey, Joe, how are you?” “Fine.” “You know you’re in trouble [inaudible 00:53:10].”

(53:09)
I said, “I give my words by the true story.” She said, “Did you read today’s paper?” I said, “Honey, they don’t have the Wilmington News Journal up here.” She said, “Well, headline, Biden, poorest man in Congress. Is that true?” I said, “I don’t know, but I guess I was for 36 years.” I never thought I was… I didn’t have any money, but I had a good salary. Look, but I’m a capitalist and without competition, it’s not capitalism, it’s exploitation.

(53:42)
When big pharma doesn’t play by the rules, competitors can’t offer lower-priced drugs and devices that carry those drugs. So prices stay artificially high. And look, but we’re taking action. For example, we called out drug companies that Bernie mentioned that make inhalers,

So the people with asthma and some severe asthma, I have asthma, but it’s not severe, that they need to breathe. For charging Americans, and he was right, this is not an exaggeration, 70 times more than companies in Europe charge for the same exact prescription. It’s outrageous. I think it borders on their morals. As a result, three of the largest companies, as I skillfully and very privately and peacefully called their CEOs to tell them, who make these inhalers are saying that instead of charging up to $600 out of pocket for, cap the cost at $35. That’s only, it’s about time, but again, Bernie’s a big reason why this is happening, you don’t want to screw around with Bernie. We have to do more. Bernie and I said this summer it’s time for drug manufacturers to lower prices on anti-obesity medications, that you hear so much about these, and by the way, it’s not just cosmetically. It saves people’s lives, these obesity medicines.

(55:13)
It saves their lives because of they’re so overweight and there’s so much problems associated with it. You just heard from Bernie about what these drug companies are doing. The prices of these anti-obesity drugs can be six times higher in America than in other countries from Canada, Sweden. This is quite where I come from, it’s called price gouging and corporate greed, and I know a little about corporations. There are more corporations incorporated in Delaware than every other state in the union combined. I’m used to dealing with corporations. Americans don’t like to be played for suckers. We don’t like that and we’re tired of it, and it’s outrageous. It’s got to stop. Look, today’s announcement follows actions we’ve already taken to reduce the healthcare costs for average Americans. Because of Bernie’s leadership, we took action to reduce the cost of hearing aids for 1 million Americans by as much as $3,000. You see on advertising television, you go for the prescription drug, hearing aid, it’s $3,060 or somewhere, whatever the number, over $3,000. You get the same hearing aid and you get it for $3,000 less because you don’t have to go to the prescription.

(56:30)
You go right to the drug store, right to the counter. In addition, my administration is banning junk health insurance. These guys are get coming and going. There are plans for health insurance that look affordable, but then stick consumers with big unexpected charges. We ended those unfair surprise medical bills. When I was, years ago, when I was in the Senate, I had two cranial aneurysms and I was hospitalized for a long time, and you have what they call surprise medical bills. If the insurance you have doesn’t cover a particular provider and not in network, they charge you significantly more. And so, you get these surprise hospital bills, so hospitals that are in network can’t send you a bill for out-of-network doctors who you didn’t choose and are not part of your… That you never consulted them. That’s banned. I did that by executive order. Kamala and I are also protecting and expanding the Affordable Care Act. Today, there are 21 million Americans, 21 million Americans covered by the Affordable Care Act marketplace. That’s 9 million more people, individuals, since I’ve been in office that are now covered by the Affordable Care Act. More Americans have healthcare today than ever in American history, today than ever, and it’s in part because I expanded tax credits that save an average of $800 per person per year reducing healthcare premiums for millions of working families who have coverage under the Affordable Care Act. These enhancements expire next year though, and I’m calling on Congress to make the expanded healthcare tax credits permanent. Trump and his MAGA Republican friends want to cut the Affordable Care Act out completely. How many times did they try to… They’ve introduced bills over the last three years to do that? 51 times, 51 times, wants to replace the Affordable Care Act. Can’t let that happen. Look, he calls, he wants to replace it with his… I love this guy. I’m trying to be a very good fellow.

(59:17)
I’m not letting my Irish get the best of me, but my predecessor, the distinguished former president, he wants to replace the Affordable Care Act with what he calls, this is what he refers to it, concept of a plan. I’ve heard that concept of a plan now for almost eight years. A concept of a plan. What the hell is a concept of a… He has no concept of anything. No plan. If we don’t elect Kamala, he gets elected, Trump can kick up to 45 million people off the health insurance. 45 million. Over 100 million people could lose healthcare coverage because they have a pre-existing condition. The only reason they could get it is because of the Affordable Care Act. Trump and MAGA Republicans want to eliminate the Inflation Reduction Act, which we’re talking about, the big bill, which made all these savings possible, raising prescription drug prices again for millions of Americans. They’re stated… This guy means what he says, means what he says.

(01:00:27)
Look, during the last administration, my predecessor exploded the national debt more than any previous president in a single term. This guy raised the national debt by $2 trillion because of the tax cut to overwhelmingly benefit the very wealthy and the biggest corporations. Now he’s saying, if elected, remember what he said now, if elected, he wants another $5 trillion tax cut for the very wealthy, that’s the tax cut he wants. He won’t just get rid of the Department of Education, which he wants to do in the Affordable Care Act, he’ll get Social Security and Medicare, which he says he wants to do. He’ll hurt hardworking people. I got a better idea. Let’s protect Social Security and Medicare, and finally start making the very wealthy pay their fair share to keep these [inaudible 01:01:21]. I mean it. By the way, you know what the average tax rate is for a billionaire in American? There are a thousand billionaires since COVID, 8.2%. Anybody wants to change places with a billionaire’s tax rate, raise your hand. I’m serious. Not a joke, 8.2%. I propose raise at 25%, which ain’t even close to the highest rate.

(01:02:02)
You know how much that would raise? $500 billion over the next five years, just paying 25%. Look, let me repeat what I’ve said since day one and that Kamala has continued to commit to. We made a commitment that no one, no one in America earning less than $400,000 a year, which is really high, will pay a single additional penny in federal taxes. Not a single penny, $400 million… $400,000. They haven’t and they won’t. If Kamala is president, they will continue not to. So I don’t want to hear this stuff about Biden going after the rich. I did that to make sure we understand what the super rich are paying. And let me close this. With Bernie and I are going to have… Been doing this work for a long time. I know we both look like we’re 40, but we’re a little old.

(01:03:06)
At least I am. I can’t even say it anymore. Anyway, we know we’ve made historic progress in the last three years. $35 for insulin, $35 bucks for inhaler, $2,000 a year cap and things continue to go. We’re showing how healthcare should be a right, not a privilege in America. That’s why I’ve never been more optimistic about our future and I mean it. We’re at one of those inflection points, folks. The decisions we make in the next election are going to determine what this country looks like for the next four or five decades. And that’s not hyperbole. That’s a fact. And folks, I’m taking too much of your time, but let me say it this way. You just have to remember who the hell we are. We’re the United States of America. We’re the United States. There’s nothing beyond our capacity. Not a damn thing beyond our capacity.

(01:04:03)
We’re the only nation in the history of the world that’s come out of every crisis stronger than we went in, every one. Because when we act together, there’s nothing beyond our capacity. The rest of the world’s looking to us. We have the strongest economy in the world and now we just got to make sure it’s available to every single American. So I leave you by saying, I can’t tell you how much I appreciate what you’re about to do in this election. As a friend of mine would say, from my lips to God’s ears on that one. But look, you’ve got great candidates, you got great candidates, and I really mean… We’ve got to get back to the days where we actually can talk to the other team. This is not your father’s Republican party. No, no. I mean, it’s not even close. I came up in an air. I got elected. I was 29 years old, the United States Senate, had to wait 17 days to be able to be sworn in.

(01:05:05)
I got there as a young civil rights guy when Strom Thurmond and all those guys are still there, but at least, be honest to God, you could talk to them. And people change. After all those years served with Strom Thurmond, on his deathbed a hundred years old, his wife called me from Walter Reed Hospital and said, “Joe?” I said, “Yeah, Nancy.” She said, “Strom asked me to come out. I’m at the nurse’s station with a doctor,” and she named his doctor. “He asked me if you’d do him a favor.” I said, “Sure.” He said, “Will you do his eulogy?” I did Strom Thurmond’s eulogy. I didn’t lie. I started off and I said, “Grandpa Finnegan, please forgive me for I’m about to do.” But all kidding aside, even by the time left, he had the most racially diverse staff in America, he voted for a lot. He voted for the change in all the laws that he had voted for before.

(01:06:05)
But his headline in 1946 was, Thurmond, hope for the South because he was against separate but equal, not the proposition you couldn’t separate the races, but the proposition, if you had separate, you had to spend the exact amount of money in a black school as a white school. My generic point is people change, but these guys just keep getting worse. No, I really mean it. They mean what they say, they mean what they say. I’ll conclude by saying that, I will just say something that’s both revealing and self-defeating. There are only a few advantages of being the oldest guy around, that is I have more experience in foreign policy than anybody that ever had this job in American history. I’ve known every major world leader personally in the last 40 years. Every international meeting I attend, including just being in Germany, is a walk-in out, whether it’s the G20 or the G7, whatever it is, they’ll pull me aside, one leader after another quietly and say, “Joe, he can’t win.” My democracy is at stake, my democracy at stake.

(01:07:32)
If America walks away, who leads the world, who? Name me a country. And we’re doing it without expending American blood, by having Americans in war. So folks, there’s so much at stake. So please, I know you’ll all vote, but please call your neighbors, get your friends, get your relatives, get them to vote because this is the nation’s democracy, and in my view, depends on it. God bless you all and may God protect our church. Thank you.

We take care of our own.

(01:08:03)
Wherever this flag’s flown.

(01:08:03)
We take care of our own.

(01:08:03)
Where’re the eyes, the eyes with the will to see.

(01:08:03)
Where are the hearts that run over with mercy. Where’s the love that has not forsaken me.

(01:08:46)
Where’s the work that’ll set my hands, my soul free.

(01:08:52)
Where’s the spirit that’ll reign rain over me.

(01:08:52)
Where’s the promise from sea to shining sea.

(01:08:54)
Where’s the promise from sea to shining sea.

(01:09:07)
Wherever this flag is flown.

(01:09:07)
Wherever this flag…