Biden pushes for insulin price cap, Medicare drug negotiations in SOTU
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President Biden used part of his State of the Union address Tuesday night to continue his push to cap the price of insulin and allow Medicare to negotiate prescription drug prices.
In his speech, Biden highlighted a 13-year-old Virginia teen named Joshua who along with his father needs insulin to treat type 1 diabetes. According to Biden, insulin costs about $10 per vial to make, yet drug companies can charge up to 30 times more than that.
"Drug companies will still do very well," by capping the price of insulin at $35 per prescription Biden said. "And while we're at it let Medicare negotiate lower prices for prescription drugs, like the VA already does."
A provision in Biden's Build Back Better legislation he proposed last year includes drug pricing reforms. 
Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen Ubl responded to the president's comments on drug pricing.
"Allowing the government to set the price of medicines isn't the answer," Ubl wrote in a statement. "We know that story will end with less access to medicines and less future innovation, and we know there's a better way. Let's work together on solutions that lower costs for patients, address abusive practices within the insurance system and protect the development of new cures and treatments."
Selected major pharmaceutical/biotech companies: Pfizer (NYSE:PFE), Merck (NYSE:MRK), Bristol-Myers Squibb (NYSE:BMY), Amgen (NASDAQ:AMGN), Gilead Sciences (NASDAQ:GILD), Regeneron Pharmaceuticals (NASDAQ:REGN), Novo Nordisk (NYSE:NVO), Sanofi (NASDAQ:SNY).
In October, Eli Lilly (NYSE:LLY) CEO David Ricks spoke out against Medicare drug price negotiation.