"This is the United States of America, for God's sake. That's just wrong. It's simply wrong, especially since it doesn't cost the drug companies nearly, nearly, nearly, nearly as much to make the drug or the research that went into them."

Efforts to lower prescription drug costs have long been a Democratic priority and popular with voters. Biden's drug proposals are included in his "Build Back Better" legislation, but the sprawling package is all but dead in the face of stark opposition from Republicans and key holdout Democrats.

Biden's proposals include capping out-of-pocket medication costs for Medicare recipients at $2,000 per year and insulin at $35 per month. In addition, Medicare would be allowed to negotiate prices for a limited number of prescription drugs, and drugmakers would be required to pay rebates if they raise costs faster than inflation.

Sen. Bernie Sanders, I-Vt., is urging colleagues to push the drug pricing legislation forward on its own. "You have heard the speeches year after year," Sanders told reporters at the Capitol last week. "'I'm going to lower the cost of prescription drugs! Vote for me!' And nothing happens except that the cost of drugs goes higher and higher and higher. It's time to force real debate on this issue."

Biden's speech came on the heels of an inflation report released earlier in the day showing that consumer prices jumped 7.5% during the year ended in January. "Inflation is up. It's up." Biden said. "But the fact is that if we're able to do the things I'm talking about, it will bring down the cost for average families."

Read more: 

• Consumers increasingly being squeezed by rising out-of-pocket drug costs
• HHS unveils plan to directly negotiate Medicare pharmaceutical prices
• Bringing down drug prices: States target PBMs