President Biden's recent campaign statement is backed up by research, which has consistently found that U.S. Rx prices are significantly higher, sometimes 2-4 times as high, compared with prices in other countries.

President Biden's battle against high drug prices, part of the Inflation Reduction Act, is intended to give Medicare patients immediate relief and, in the long term, to regulate what drugmakers charge for their products.

The Centers for Medicare & Medicaid Services made "historic strides" in making health care and prescription drugs affordable, said Administrator Chiquita Brooks-LaSure, who updated stakeholders about CMS's accomplishments.

The White House is cracking down on drugmakers that have raised the costs of their medications faster that the rate of inflation – another move in a series of price-fighting measures being rolled out under the Inflation Reduction Act.