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SUMMARY: President Biden wants to lower prescription drug costs. Even though prescription drug costs are only $.11 percent of total health-care spending—in 2016, the last year for which there are definitive data. That’s a record haul for the organization, which is funded by the world’s most powerful pharmaceutical companies.
On January 4, 2021, two days before the insurrection and 16 days before Trump’s term ended, his administration proposed a new rule on drug prices, a major issue in both the 2016 and 2020 campaigns. Novo Nordisk, for example, raised the price of its widely used Novolog insulin 353 percent from its introduction in 2001 to 2016.
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