Joe Biden on Inflation Reduction Act: Acting President of America Joe Biden will leave his post in a few days. On January 20, 2025, Donald Trump will take over the presidency of America. Meanwhile, Joe Biden wrote on Twitter that he is proud of his decision to get his government’s bill passed to curb the rising prices of medicines.
“One of the things I’m most proud of is the passage of the Inflation Reduction Act,” Joe Biden wrote on Twitter. “Not a single Republican voted for this bill. But we got it done and ultimately defeated the big pharma companies.”
One of the things I’m proudest of is passing the Inflation Reduction Act – the bill that allowed us to negotiate lower prices for prescription drugs for the first time.
Not a single Republican voted for it.
But we got it done, and finally beat Big Pharma. pic.twitter.com/uIEBsNrLwe
— President Biden (@POTUS) January 5, 2025
What is this bill?
President Joe Biden in August 2022 included several provisions in the Inflation Reduction Act of 2022 (the Act) to lower prescription drug costs for people with Medicare (the US government’s health insurance) and reduce drug spending by the federal government Were. The purpose of this law was to deal with the inflation of many medicines and health facilities. This law will be implemented in 2026, although some part will come into effect by the year 2028.
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