The savings are not yet realized, says the Congressional Budget Office, which projects a 10-year cumulative savings of $161 billion from the phased-in drug negotiation, as well as a rebate for price increases above the inflation rate.

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 Joe Biden made health care affordability a centerpiece of Thursday evening's address, announcing he is calling on Congress to expand the $2,000 out-of-pocket Medicare prescription cap to all private insurance.

Blood clot drugs Eliquis and Jardiance made the list, released on Tuesday, amid lawsuits filed by their manufacturers, attempting to block the government's effort to control drug prices.