Transcript - Remarks: Joe Biden Discusses Lower Prescription Drug Prices in Las Vegas - March 15, 2023 | Factba.se

Joe Biden

00:00:00 - 00:00:19 ()

Is there a doctor? Is there a doctor in the house? [Laughter] Are there nurses in the house? [Applause] Where are the nurses?

Joe Biden

00:00:19 - 00:00:45 ()

Now, look, I've been a significant consumer of healthcare -- my family has. Doctors let you live. Nurses, male or female, make you want to live. [Laughter] No, I'm serious. The single most underrated profession in America are nurses. [Applause] Nurses. I mean it.

Joe Biden

00:00:45 - 00:00:49 ()

Let me begin by -- by thanking the president of this great university of allowing me to --

Joe Biden

00:00:49 - 00:00:52 ()

Oh, take a seat if you have one. [Laughter]

Joe Biden

00:00:52 - 00:01:07 ()

Professor Whitfield, thank you ver- -- president. He's a professor as well, but thank you for allowing me back on campus. I have gotten no additional degrees lately, but thank you for letting me be here.

Joe Biden

00:01:07 - 00:01:19 ()

And, David, thanks for that introduction. [Applause] You know -- I really mean it. It makes a difference in people's lives what we're doing and what you all are supporting.

Joe Biden

00:01:19 - 00:01:31 ()

And Dina Titus and Steve Horsford, two of the best members of the Congress that I've ever worked with. [Applause] There you are.

Joe Biden

00:01:31 - 00:01:32 ()

And we have the attorney general here too. [Applause]

Joe Biden

00:01:32 - 00:01:55 ()

Folks, you know -- Aaron and state and local, Tribal leaders are here. Will the Tribal leaders stand up? Because I don't know how many are here. Because -- [applause] -- there you go, Chief. Good to see you, man.

Joe Biden

00:01:55 - 00:01:59 ()

And, by the way, it's Indian Nations. Indian Nations.

Joe Biden

00:01:59 - 00:02:04 ()

And I'm here to today to talk about an issue affecting every single American: your healthcare.

Joe Biden

00:02:04 - 00:02:25 ()

And I want to first thank the healthcare workers in this room. In the best of times -- [applause] -- I really mean it -- in the best of times, you do the Lord's work, but over the last three years during the pandemic, you've literally risked your lives for the rest of us. Healthcare workers that put their lives on the line. And it matters. And it really, really matters.

Joe Biden

00:02:25 - 00:02:30 ()

And I think the American public is beginning to understand just how consequential you are.

Joe Biden

00:02:30 - 00:02:36 ()

They're used to going to the doc, but they're not used to the doc going into a tough area to take care of them.

Joe Biden

00:02:36 - 00:02:45 ()

And we lost a million people, and we could have lost a lot fewer if we started earlier -- not because of the docs' decisions but because of other decisions made.

Joe Biden

00:02:45 - 00:02:57 ()

Oh, wow, I didn't see you all up there. [Applause] [Looks up at audience in the balcony] Holy mackerel. Don't jump! [Laughter] Don't -- [laughs] --

Joe Biden

00:02:57 - 00:03:08 ()

Well, all Americans deserve peace of mind that if the illness strikes or they have -- an accident occurs in their family, they can get the care they need but they can afford the care they need.

Joe Biden

00:03:08 - 00:03:21 ()

But the truth is: Too many folks lie in bed at night staring at the ceiling wondering what they would do if something happened -- if their spouse got a serious illness or if they got very sick, or if their child got sick, if something happens to them.

Joe Biden

00:03:21 - 00:03:44 ()

You know, I remember, we lived in a -- I was raised in a normal middle-class home back in Delaware, a three-bedroom house with four kids and a -- and a grandpop living with us, a split-level home. And my bedroom was next to my mom and dad's. My -- me and my three brothers, we had two sets of bunks. And you could tell when dad was restless.

Joe Biden

00:03:44 - 00:04:09 ()

I remember one night -- true story -- one night, my dad -- I could feel like he was rolling in bed because of the headboard would hit the side of the wall. And the next morning, I asked my -- this is the God's truth -- I asked my mom. I said -- I was in, I think -- a junior in high school. I said, "What's the matter with dad?" She said, "He just -- we just lost our insurance. His business is no longer going to cover insurance for their employees."

Joe Biden

00:04:09 - 00:04:23 ()

It was a consequential decision. It affected my dad and would have affected -- if any one of us had gotten really sick, what happens? Do you have to sell the house? Do you have to make some kind of sacrifice that exceeds what is actually reasonable?

Joe Biden

00:04:23 - 00:04:33 ()

And it's about your dignity. You know, do you have enough insurance? Can you afford these medical bills? Can you get -- if it gets bad enough, do you have to do something drastic in order to pay for it?

Joe Biden

00:04:33 - 00:04:46 ()

And for seniors on fixed income who often need expensive medications to stay healthy, the constant question is: Can they pay for their medications? Can they pay the bills without -- without giving up the important elements of their lives?

Joe Biden

00:04:46 - 00:04:56 ()

Because the bottom line is: At the end of the month, do you have enough to pay all that you need and take care of the exigencies that occur?

Joe Biden

00:04:56 - 00:05:04 ()

And it's not just the elderly. It's almost every family out there. It's not just your health. It's about your dignity. It's about your security.

Joe Biden

00:05:04 - 00:05:16 ()

That's why my administration is focusing intensely -- intensely on getting more people affordable healthcare by lowering prescription drug costs and giving families just a little bit -- as my dad would say, just a little bit of breathing room.

Joe Biden

00:05:16 - 00:05:28 ()

We passed the historic laws to get that done. And now we're moving quickly to implement those laws so people can feel the effects of what we did. We passed them last year, but they didn't take effect until January.

Joe Biden

00:05:28 - 00:05:39 ()

The first thing we did was to help people who were truly struggling to gain access to affordable healthcare through the Affordable Health Care Act, and that -- or better known as Obamacare.

Joe Biden

00:05:39 - 00:05:56 ()

I signed a Rescue Plan that increased the coverage and lowered prices for affordable healthcare, saving millions of people about $800 a year. My new budget -- [applause] -- and my new budget for this year makes that permanent.

Joe Biden

00:05:56 - 00:06:07 ()

Almost 100,000 Nevadans get their healthcare through the Affordable Health Care Act. And 300,000 have coverage because of expanded Medicaid under the Affordable Health Care Act.

Joe Biden

00:06:07 - 00:06:21 ()

Unfortunately, my MAGA -- and, by the way, I mean it sincerely -- this is not a broad criticism of all Republicans. This is not your father's Republican Party. This is a different breed of cat now that's in charge.

Joe Biden

00:06:21 - 00:06:45 ()

No, but I -- but think -- think about it. You know, I knew a lot of good Republicans who represented this state as senators. They were friends. We disagreed. But they had -- they were conversative Republicans. But these MAGA Republicans, they're a different -- they're just different. They continue to be determined to repeal the Affordable Care Act.

Joe Biden

00:06:45 - 00:06:57 ()

And, you know, it's hard to believe, but they've already voted to change or get rid of the Affordable Care Act, since it passed, 50 times -- five-zero. They failed every time.

Joe Biden

00:06:57 - 00:07:26 ()

And the one thing I want you to know about the Affordable Care Act is that -- the way for people who have pre-existing conditions to get healthcare. If you have a pre-existing condition and you can't afford your healthcare -- private plans, you do not get coverage anywhere. And this is the only outfit -- if, in fact, you do away with the Affordable Care Act -- if you have -- if you have a pre-existing condition, you don't get coverage otherwise.

Joe Biden

00:07:26 - 00:07:34 ()

If MAGA Republicans had their way, as many as 100 million people with pre-existing conditions would lose their protection. That's a fact.

Joe Biden

00:07:34 - 00:07:43 ()

And, folks, look, the Affordable Health Care Act is also a means by which millions of hardworking Americans have access to preventative care like cancer screenings.

Joe Biden

00:07:43 - 00:07:52 ()

MAGA Republicans put that at risk as well. And nearly 40 million Americans would be in danger of losing coverage completely if they were to succeed.

Joe Biden

00:07:52 - 00:07:56 ()

We're making healthcare more affordable in other ways as well.

Joe Biden

00:07:56 - 00:08:15 ()

Last year, I proposed a piece of legislation called the Inflation Reduction Act, which I could -- we got -- [applause] -- we got a lot of things done bipartisanly. This one was -- there was not any support on the other team at all.

Joe Biden

00:08:15 - 00:08:29 ()

But the result of the law is that seniors on Medicare get common vaccines for things like tetanus, whooping cough, shingles -- they get them for free now. It used to cost them up to $200 per shot, average $100 per shot.

Joe Biden

00:08:29 - 00:08:44 ()

The new data released today shows that if our plan had been in place in 2021, three-point-mil- -- 3.4 million seniors, including 24,000 Nevada seniors, would've saved an average of $70.

Joe Biden

00:08:44 - 00:09:03 ()

You know, America spends more on prescription drugs than any advanced nation on Earth -- more than any advanced nation on Earth. You name the drug you have to take, and I can take you to France and get it to you a hell of a lot cheaper -- to Canada, England, throughout Europe. It's not fair.

Joe Biden

00:09:03 - 00:09:09 ()

But after decades of trying to take on Big Pharma, we finally, finally won.

Joe Biden

00:09:09 - 00:09:37 ()

Now, instead of paying whatever the drug company wants to charge you, Medicare -- Medicare will be able to negotiate prices. Medicare provides -- [applause] -- we'll drive down prices because we give Medicare the power -- the same power that the Department of Veterans Affairs has. They can negotiate what they're going to pay for whatever drugs they're prescribing to their -- to the military.

Joe Biden

00:09:37 - 00:09:42 ()

Well, I know many of you are healthcare professionals. You understand this better than anybody else.

Joe Biden

00:09:42 - 00:10:06 ()

For example, insulin was invented 100 years ago. And the guy who invented it decided not to patent it because he wanted it to be available. It only costs $10 a vial to make -- $10 a vial. If you count everything, you expand it, you could say -- you get up to 13 bucks if you talk about packaging, shipping, and the rest. And guess what? They're being charged hundreds of dollars a vial.

Joe Biden

00:10:06 - 00:10:17 ()

So, beginning January 1st of this year, even though we passed the law last year -- it wasn't until January 1st -- I kept telling people it was coming -- we capped the cost of insulin at $35 -- [applause] -- $35 for seniors on Medicare.

Joe Biden

00:10:17 - 00:10:34 ()

And, folks, if it had been in effect in 2020, nearly 11,000 Nevada seniors would've saved an average of $439 on their insulin.

Joe Biden

00:10:34 - 00:10:46 ()

But I've been calling on my colleagues to cap the cost, though, for everyone, you know, including 200,000 children who have Type 1 diabetes who need insulin every day to stay alive.

Joe Biden

00:10:46 - 00:11:06 ()

I was doing a townhall meeting in Northern Virginia last year, and a woman stood up -- a very sophisticated lady -- and she said, "I have two girls. They both have Type 1 diabetes." And she said, "And I can't afford -- I can't afford it. So what we have to do -- we have to ration the insulin between them." Talk about being deprived of your dignity.

Joe Biden

00:11:06 - 00:11:17 ()

Imagine looking at your child knowing if they don't get the insulin, their life is literally in danger. And you've got to stand there and not know what to do.

Joe Biden

00:11:17 - 00:11:20 ()

Folks, my budget is going to require it.

Joe Biden

00:11:20 - 00:11:31 ()

And guess what? The good news is that Eli Lilly, the biggest insulin maker in the United States of America, announced that they're going to answer my call and they're going to make the -- this insulin available to everyone in America for $35. [Applause]

Joe Biden

00:11:31 - 00:11:44 ()

And, yesterday, [DEL: Novodisk :DEL] [Novo Nordisk], another drugmaker, announced they're cutting their price of insulin as well. [Applause]

Joe Biden

00:11:44 - 00:12:01 ()

Look, folks, another aspect of the Inflation Reduction Act -- and it's a fancy-sounding phrase, but is -- the drug companies that raise prices faster than -- faster than inflation have to pay back the difference to Medicare.

Joe Biden

00:12:01 - 00:12:16 ()

So, if they're raising the price on insulin -- and Medicare -- and you have the circumstance where the inflation is up 4 percent and they increase it 12 percent or 15 percent, they have to pay the difference to Medicare.

Joe Biden

00:12:16 - 00:12:29 ()

Yesterday I learned that, last quarter, drug companies hiked the prices for 27 drugs that are on the market above the new limit. Now those manufacturers are going to have to pay the difference back to Medicare.

Joe Biden

00:12:29 - 00:12:38 ()

As a result, the Department of Health and Human Services estimates this will make -- co-pays for those drugs will be as much as $390 cheaper for seniors.

Joe Biden

00:12:38 - 00:12:44 ()

Look, it's going to change the way drugs are priced, lower the costs for seniors long-term.

Joe Biden

00:12:44 - 00:12:56 ()

And it's equally consequential to me that, as many of you in this room know, we're capping out-of-pocket drug expenses for seniors on Medicare at a maximum of $2,000 a year, beginning next year.

Joe Biden

00:12:56 - 00:13:07 ()

Now, but right now -- [applause] -- right now, we have -- regardless of how much they cumulatively are paying for all of the drugs they need.

Joe Biden

00:13:07 - 00:13:27 ()

And now it's capped at -- because I've been -- my family has been deeply involved, as a consequence of cancer and my son dying of Stage -- my son dying of Stage 3 glioblastoma because he was exposed to those burn pits for a year in Iraq. And my fa- --

Joe Biden

00:13:27 - 00:13:56 ()

Anyway, you all -- how many here have had you or a family member be diagnosed with cancer? Raise your hand. It's probably, as the docs know, the most devastating word they can tell a patient. You got a serious heart disease, you may die; that's worrisome. More people die of heart disease than they do from cancer. But cancer scares the living hell out of every single person.

Joe Biden

00:13:56 - 00:14:22 ()

Well, folks, you know, a lot of those drugs now that are available, that are very helpful -- and, by the way, I -- I've declared war on -- on cancer. We've set up -- [applause] -- no, I really have. I've gotten $5 billion for cancer research through NIH, like we did through the Defense Department for special weapons systems -- the same system.

Joe Biden

00:14:22 - 00:14:50 ()

But here's the deal: Some people are paying about 10,000, 12-, 14,000 dollars a year for expensive treatments like cancer drugs. It's going to give seniors certain peace of mind, because no matter how much they pay -- no matter how much they pay, they're not going to -- how much the bills are, they'll never have to pay more than $2,000 a year for all the drugs they consume. It changes the peace of mind people have.

Joe Biden

00:14:50 - 00:15:35 ()

And guess what? It's going to save seniors money. It's also going to save the government money. And my Republican friends say, "When are you going to cut taxes for the wealthy?" I said, "No, I got a better way of saving money." [Laughter] Not a joke. If, in fact, you limit the amount of money that can be charged to reasonable prices by the drug companies, you know how much we'll save this year? $160 billion. [Applause] $160 billion. Why? Because it's $160 billion less they have to pay out to provide the drugs for the seniors. So it's not only the right thing to do, it is a conservative thing to do in terms of cutting the federal budget.

Joe Biden

00:15:35 - 00:15:49 ()

But here's the deal. As I've said, this is not your father's Republican Party. The MAGA Republicans in Congress don't think any of this is a good idea. They think Big Pharma should be able to make the exorbitant profits, at the expense of the American people, they've been making.

Joe Biden

00:15:49 - 00:16:01 ()

And I want to repeal the -- they want to repeal the Inflation Reduction Act, roll back savings for seniors, add to the deficit another $1.6 billion, and continue to line the pockets of Big Pharma.

Joe Biden

00:16:01 - 00:16:09 ()

Look, I'm a capitalist. I want -- if you can go out and make a lot of money, go make the money. Just pay your fair share. Just -- just your fair share. [Applause] No, for real.

Joe Biden

00:16:09 - 00:16:27 ()

I have no problems with a company making reasonable profits, but, my Lord, not on the backs of working families and seniors. And this is really -- when it gets down to it, it's about fairness -- fairness and decency and providing people with some dignity.

Joe Biden

00:16:27 - 00:16:31 ()

Last week, I released my budget. I met, by the way --

Joe Biden

00:16:31 - 00:16:52 ()

and I apologize to the press who is here; they're tired of hearing me say this -- I met with the new Speaker of the House. He said -- he is threatening that we're going to let the federal debt not get paid and put us in turmoil. We've never done that in American history. And the debt is an accumulation of debt over 200 years. That's the debt we're talking about.

Joe Biden

00:16:52 - 00:17:07 ()

And -- and I want to lay it -- I said, "Look, I'll lay out clearly what we support. I'll lay out my budget on March the 9th; you lay out your budget, and we'll negotiate. We'll negotiate."

Joe Biden

00:17:07 - 00:17:25 ()

Well, you know, my dad used to have an expression, for real. He'd say, "Joey... " -- when someone would say, "I'll tell you what I value," he'd say, "Don't tell me what you value. Show me your budget, and I'll tell you what you value." Show me your budget. [Applause] No, really. Think about.

Joe Biden

00:17:25 - 00:17:42 ()

My budget takes steps to lift the burden on seniors and hardworking Americans so at the end of the month, after busting their necks their whole lives, they have a little bit left over. That's what it used to be at our kitchen table: At the end of the month, is there anything left? [Inaudible] pay anything, do you have a little bit of room?

Joe Biden

00:17:42 - 00:17:48 ()

And, again, it's about fairness, and it's about your dignity. I value everyone having a decent shot.

Joe Biden

00:17:48 - 00:17:58 ()

My Republican colleagues now in the House of Representatives, I think it's fair to say -- not every one of them, but most of them --- are now at a point where they have a very different value set.

Joe Biden

00:17:58 - 00:18:06 ()

We're strengthening Medicare and Social Security instead of threatening to eliminate them, and the MAGA Republicans that are in Congress want -- are threatening to do.

Joe Biden

00:18:06 - 00:18:15 ()

You know, when I did -- I don't know whether you saw the State of the Union, but it was kind of a fascinating thing. [Applause] No, no, I didn't say it for that reason.

Joe Biden

00:18:15 - 00:18:22 ()

I -- I was in the Senate a long time. I'm used to dealing with and speaking to the Congress and the Senate. And so I'm comfortable when I'm doing them.

Joe Biden

00:18:22 - 00:18:35 ()

When I was standing up there before all the members of the House and the Senate, and I talked about -- I read the programs which some of their leaders have put forward to, in fact, cut Social Security and cut Medicare.

Joe Biden

00:18:35 - 00:18:46 ()

And the gentlelady, as they say, from Georgia -- in the mountains of Georgia -- [laughter] -- stood up and yelled, "Liar! Liar!" And then that generated -- last time somebody did that, by the way, they got censured. But -- [Audience member calls out, inaudibly]

Joe Biden

00:18:46 - 00:18:48 ()

No, I'm not joking.

Joe Biden

00:18:48 - 00:19:09 ()

But here's what happened. And then another half a dozen yelled, "Liar! Liar! We're not going to do that." I said, "Oh... " -- you may -- if you remember, I said, "Oh, you're not going to cut Social Security and Medicare?" [Laughter] And they said, "We're not going to... " -- and so the whole group -- I said, "Everybody who's not going to cut Social Security and Medicare, stand up." And they stood up and hollered. Well, they're all on film. [Laughs] [Applause]

Joe Biden

00:19:09 - 00:19:18 ()

I hope it's true. I hope they've gotten there, but I'll believe it when I see it.

Joe Biden

00:19:18 - 00:19:31 ()

Look, you paid for Social Security from the time you got your first check when you were 16 years old, working as a lifeguard or something. Okay? And I'm determined to protect them both. There's way to protect them without cutting them. [Applause]

Joe Biden

00:19:31 - 00:19:50 ()

Look, let me close with this. You know, let's finish the job. Let's protect the lower prescription drug costs for everyone. Let's expand healthcare for more people to get care. Let's keep building the economy from the middle out and the bottom up, not from the top down.

Joe Biden

00:19:50 - 00:20:12 ()

And, by the way, when that happens -- when the middle does well and the bottom rises, the wealthy still do very, very well. And no one -- I commit to you, and I committed to this when I got elected -- when I was running: No one making less than $400,000 will see a penny in federal taxes raised as long as I'm President of the United States of America. [Applause]

Joe Biden

00:20:12 - 00:20:20 ()

But, look -- but, again, it's about just -- just paying a fair share.

Joe Biden

00:20:20 - 00:20:48 ()

When I got elected, there were -- I think it was 6- -- don't hold me to the exact number -- 690 billionaires in America. There's now a thousand. You know what the average federal tax they pay is? T-H-R-E-E percent. Three. They pay a lower tax rate than the custodians in this building. They pay a lower tax rate than any of you, basically.

Joe Biden

00:20:48 - 00:20:57 ()

And so, it's just not fair. I think you should be able to be a billionaire if you can earn it, but just pay your fair share. Just pay something.

Joe Biden

00:20:57 - 00:21:06 ()

And, by the way, you know everybody said, well, how was I able to have these new programs and still cut the deficit $1.7 trillion the last two years?

Joe Biden

00:21:06 - 00:21:35 ()

Well, it's pretty -- pretty straightforward. There were 550 companies of the Fortune 500 that made $40 billion that didn't pay a penny in tax -- zero, nothing -- in taxes. So I said the -- you know, outrageous. And we got votes for it. I said they ought to pay a minimum of 15 percent. Fifteen percent. That's less than you all pay. And guess what? It allowed me to cut the deficit.

Joe Biden

00:21:35 - 00:21:52 ()

So, folks, this is about just basic fairness and decency. There's nothing radical about what I'm proposing. And if you look at the polling data, it's overwhelmingly popular what we've proposed. As a matter of fact, it's a hell of a lot more popular than I am. [Laughter] But I'm serious.

Joe Biden

00:21:52 - 00:21:56 ()

So, I -- this is no time to turn around.

Joe Biden

00:21:56 - 00:22:28 ()

Look, what the American people understandably -- a lot of people have lost faith in government for a lot of reasons. And here's the deal: We promised these things, and they haven't seen it. I don't know whether you've been surprised, but the number of people who have come up to me after January 1st saying, "I cut -- you cut my insulin costs. Thirty-five dollars." Like, "I didn't believe government would really do it." But there's a lot more coming. A lot more coming.

Joe Biden

00:22:28 - 00:22:39 ()

And, again, let me end by thanking the medical people that are here and the students. It really matters. It really, really, really matters.

Joe Biden

00:22:39 - 00:23:01 ()

And all of you have to do, like many people in this audience have been consum- -- significant consumer of healthcare. My son spent 18 months knowing he was dying in the hospital. And the docs and nurses just changed -- changed it. They -- they made it -- they took care of him.

Joe Biden

00:23:01 - 00:23:16 ()

My wife and daughter killed in a trucking accident. My two boys were expected not to live. You guys saved them and you saved their sanity as well.

Joe Biden

00:23:16 - 00:23:27 ()

So, I think that, you know, we vastly underestimate and you underestimate the psychological impact you have on people, not just the medical impact you have on them.

Joe Biden

00:23:27 - 00:23:30 ()

So, I'm here to say: Thank you, thank you, thank you. [Applause]

Joe Biden

00:23:30 - 00:23:46 ()

And, folks, let's remember: Don't forget we are the United States of America, and there's nothing, nothing beyond our capacity if we work together. So, let's work together.

Joe Biden

00:23:46 - 00:23:52 ()

God bless you all. And may God protect our troops. [Applause]