Watch live: US president Joe Biden delivers speech on lowering health care costs

US President Joe Biden will deliver a speech on lowering healthcare expenses for patients at an event at the White House.

Earlier on Tuesday, 29 August, Biden announced the first round of 10 prescription drugs that Medicare will negotiate prices for.

The announcement comes a little more than a year after Biden signed the Inflation Reduction Act, Democrats’ signature law that is also the single largest investment in combating climate change.

But a large part of the law also deals with drug costs.

The legislation caps insulin for Medicare patients at $35.

Democrats have long wanted to allow Medicare to negotiate drug prices, which it hopes will lead to lower prescription drug prices, but were unable to do so when they passed the Affordable Care Act, otherwise known as Obamacare.