Americans pay more for prescription drugs than people in any other country, but President Joe Biden is hoping his Building Back Better bill will change that.

One of the parts of the bill aims to lower prescription drug prices and make drug companies more accountable.

Biden says Americans pays two to three times as much as other countries on prescription medications and it doesn't need to be that way.

Associate State Director of the American Association of Retired People Joe Stelling says that the bill would be a big deal for people struggling to pay for expensive prescriptions.

"It's affecting people's livelihoods," Stelling says. "Medications don't work if you can't afford them. Drug companies have ripped people off long enough, it's time to do something about it. We need the Senate to act on this."

The bill would impose a tax penalty on drug companies that raise medication prices faster than inflection. It puts a cap of no more than $2,000 a year on how much Medicare recipients have to pay some prescriptions.

This would allow the government to negotiate Medicare drug prices and lower insulin prices for all Americans.

"I'm committed to using every tool I have to lower prescription drug prices for Americans, consistent with the drug companies getting a fair return on their investments," Biden says.

The House passed the bill. The Senate now has to approve it.

Biden hopes to have the bill signed by Christmas