The 81-year-old president and 59-year-old vice president revealed the agreement as they prepared for their first joint appearance since Biden’s decision to exit the presidential race just weeks ago.
This “historic” deal with pharmaceutical companies will lower the cost of 10 essential medications for seniors, covering conditions like diabetes, heart failure, and blood clots, according to statements from the White House.
The arrangement is expected to save older Americans $1.5 billion and the Medicare program $6 billion in its first year alone.
Although Biden initiated the deal, he chose to share the spotlight with Harris as she intensifies her campaign against Republican Donald Trump ahead of the upcoming November election.
Harris has already made addressing high prices a central theme of her campaign, and this announcement on drug prices is likely to appeal to voters who have been grappling with inflation.
Americans face some of the highest prescription drug prices globally, forcing many to cover costs out of pocket, even with high insurance premiums.
Biden and Harris will celebrate this achievement at an event in Maryland—their first public appearance together since Biden’s withdrawal from the race following a difficult debate with Trump.
Biden emphasized Harris’s contributions, noting that this “historic milestone” was made possible because of the Inflation Reduction Act passed by Congress, where Harris cast a tie-breaking vote in the Senate.
In her statement, Harris expressed, “President Biden and I are committed to fighting for the health, wellbeing, and financial security of the American people.”
The announcement comes just before Harris is set to outline her own economic vision in a speech on Friday, ahead of her prominent role at the Democratic National Convention next week.
As the first female, Black, and South Asian vice president of the United States, Harris has reinvigorated the Democratic Party in the wake of Biden’s departure.
While she has narrowed Trump’s lead in the polls and drawn large crowds to her rallies, Harris has yet to detail her policies beyond the broad principles she has laid out.
So far, Harris has largely aligned with Biden’s economic agenda, including efforts to eliminate “junk fees” and reduce housing costs.
However, she is also working to distinguish herself from Biden’s policies and carve out her own path.
According to reports, Harris is looking to distance herself from Biden on issues where his popularity has waned, particularly regarding rising prices.
Inflation has been a persistent challenge for Biden’s administration, with many voters giving him low marks on economic management, despite positive indicators in jobs and growth.
On the other hand, a recent poll shows that more people now trust Harris to manage the economy than Trump, with a slight edge of 42 percent to 41 percent.
Before Harris took the lead, Biden’s approval on economic matters was at 35 percent, while Trump’s numbers have remained steady.
Meanwhile, Trump is expected to respond shortly after Biden and Harris’s event with a press conference of his own.
The former president, who survived an assassination attempt last month, has struggled to navigate the unexpected twists in this election cycle following the Democratic Party’s candidate shift.
In a speech intended to focus on the economy on Wednesday, Trump ended up launching personal attacks, labeling Harris as “crazy,” Biden as “stupid,” and Harris’s running mate, Tim Walz, as a “clown.”
