By Tami Luhby, CNN (CNN) — Medicare’s new power to negotiate drug prices will lead to an estimated $6 billion in savings for the federal government and a $1.5 billion reduction in out-of-pocket costs for seniors when the lower prices take effect in 2026, the Biden administration announced Thursday. The negotiation program, which was authorized by the 2022 Inflation Reduction Act, has been a central talking point of the White House’s efforts to lower Americans’ cost of living, including for prescription medications, after inflation skyrocketed during President Joe Biden’s term. Vice President Kamala Harris is expected to continue campaigning on reducing drug prices in the runup to Novemb
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