Benzinga - by Natan Ponieman, Benzinga Editor.
As President Joe Biden prepares for his State of the Union address on Thursday, he's expected to touch on several key issues including Bidenomics, access to healthcare and the U.S.' role in the world.
The speech will be delivered against the backdrop of the impending presidential election, with Biden likely focusing his efforts on assuring Americans of his readiness for the challenges ahead.
Concerns about Biden’s age and mental fitness persist among some voters, and those tuning in on Thursday evening will be closely observing for indications of his capacity to undertake another term.
At the onset of his presidency, Biden aimed to address various challenges in healthcare. Although he may highlight his administration’s healthcare achievements as evidence of its ability to enhance American lives, a detailed examination of each issue reveals a more nuanced and less victorious picture.
A recent review by Politico into Biden’s healthcare policies reveals a mixed outcome: while the administration has celebrated various successes, these could be undone if Biden is not re-elected. Persistent challenges such as the ongoing Covid pandemic, access to abortion, and the opioid crisis continue to present significant obstacles.
Abortion Rights: The landmark overturning of Roe v. Wade by the Supreme Court in mid-2022 was a low blow to the Democratic agenda, and Biden vowed to use his executive power to continue to guarantee access to abortion wherever possible.
Biden is pushing the issue of abortion rights to the top of his reelection campaign. Last month, he had meeting with Amanda Zurawski, an abortion rights activist who nearly lost her life due to the near-total abortion ban in Texas.
While the Biden administration was able to mark some wins like broadening access to abortion pills, the president didn't push the limits of what the executive power could do to restore abortion rights nationwide, Politico reports.
Biden is awaiting Congressional action on the matter. Although a bill aiming to ensure universal abortion rights was introduced in the Senate last year, it has yet to progress to a vote.
Fentanyl Epidemic: Drug overdoses due to fentanyl and other opioids continue to plague the country, despite efforts from the Biden administration to control the epidemic. Drug overdose was behind 112,000 deaths in 2023, with rates that remain way above pre-pandemic numbers. Although the administration has touted moderate success in “flattening” the curve, opioid-related fatalities remain a significant concern for the upcoming presidential term.
Medicare Negotiations On Drug Prices: One of the Biden administration's biggest wins in healthcare was granting Medicare the right to negotiate drug prices with pharmaceutical companies. The program was launched this year, starting negotiations on the first 10 drugs.
The program, however, has a few soft spots. It's being legally challenged by the pharmaceutical industry which claims it's unconstitutional. Additionally, the current negotiations only apply to Medicare and do not benefit patients outside the program.
The companies that signed the program to negotiate prices are Boehringer Ingelheim, Johnson & Johnson (NYSE:JNJ), Merck & Co Inc (NYSE:MRK), Novartis AG (NYSE:NVS), Novo Nordisk A/S (NYSE:NVO), Immunex, AstraZeneca plc (NASDAQ:AZN), Bristol-Myers Squibb Co (NYSE:BMY).
Extending Access To Affordable Health Care: The American Rescue Plan Act of 2021 included provisions that incentivized several states to extend Medicaid programs to more residents, while also making plans from the Affordable Care Act, also known as Obamacare, more affordable.
The combined efforts allowed the administration to reduce the rate of uninsured people from 14.5% to 11%.
The subsidies stemming from the American Rescue Plan Act will expire in 2025, Politico notes, making this win temporary and unlikely to stick in the case of a Republican presidential victory.
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