White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly

The Biden administration announced deals with drug companies to reduce prices on 10 Medicare drugs, promising $6 billion in taxpayer savings and $1.5 billion for seniors.

"This meant that drug companies could basically charge whatever they want for life-saving treatments people rely on, and all Americans paid the price," said Neera Tanden.

Despite claims of savings, the White House has not disclosed how they arrived at the projections, leading to questions about the actual impact on consumers.

Medicare’s spending on these drugs reached $50 billion last year, underscoring the significance of the new pricing agreements for millions of older Americans.

Read at ABC7 San Francisco