Under a plan announced Thursday, the government would consider overriding the patent for high-priced drugs that have been developed with the help of taxpayer money and letting competitors make them in hopes of driving down the cost.
President Biden’s 2021 American Rescue Plan provided a $1.7 billion “signing bonus” to North Carolina to expand Medicaid, which Gov. Roy Cooper described as "a major part of our successful effort to finally get Medicaid expansion."
In North Carolina, $8.4 billion in funding has been announced, with over 300 specific infrastructure projects identified for funding. Nearly $6 billion will go to transit upgrades, and another $469 million for clean water and water infrastructure.
The provision, signed into law by President Biden, will significantly lower out-of-pocket drug costs for many of the nearly 1.7 million North Carolina seniors enrolled in Medicare Part D coverage, starting in 2026.
Starting in 2026, the prices for these drugs will decrease for up to nine million seniors, thanks to a provision in President Biden’s Inflation Reduction Act that allows Medicare to negotiate the prices for these drugs directly with the manufacturers.