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Biden seeks to lower prescription drug costs as part of economic agenda

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WASHINGTON - President Joe Biden on Monday will again make the case for how his "Build Back Better" economic agenda will lower the costs of prescription drugs for millions of Americans as his $2 trillion social and environment package still faces potential hurdles in the Senate.Biden, whose sweeping social agenda bill contains a provision that would help workers and families with private health insurance reap savings on prescription drugs, is set to speak at 2 p.m.

ET. The provision would require drug companies to pay rebates to Medicare if they increase prices above the rate of inflation.

Drugs sold to private plans would count in calculating the penalty, like a tax on price increases. The issue is dividing business groups in a fierce.

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