President Joe Biden and Vice President Kamala Harris announced Thursday that they reached a deal with drug manufacturers as part of the Biden administration's effort to lower prescription drug prices for seniors.

Biden and Harris promoted the agreement at an event in Prince George's County, Maryland. "We believe deeply that every senior in our nation should be able to live with security, stability and dignity," Harris said.

The new prices go into effect on Jan. 1, 2026, and represent discounts ranging from 38% to 79%.

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Photo: Stephanie Scarbrough/AP

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