August 29, 2023
2 min read
August 29, 2023
2 min read
HHS announced the first 10 drugs that will be subject to Medicare price negotiations.
The Inflation Reduction Act, a law meant to lower health care costs for millions of Americans, included a provision that allows Medicare to negotiate the costs of prescription drugs. In 2022, Medicare enrollees who were taking the drugs chosen for negotiations paid a total of $3.4 billion in out-of-pocket costs, according to a press release from HHS.
Negotiations will take place in 2023 and 2024, and new prices would become effective in 2026, but CMS plans to publish any new negotiated prices by Sept. 1, 2024.
“Today marks a significant and historic moment for the Medicare program with the announcement of the first drugs selected for Medicare drug price negotiation,” CMS Administrator Chiquita Brooks-LaSure said in another press release. “Our goal with these negotiations is to improve access to some of the costliest drugs for millions of people with Medicare while driving competition and innovation.”
According to a White House fact sheet, the first 10 drugs selected for Medicare price negotiation include:
Medicare will negotiate prices for up to 60 drugs covered under Medicare parts B and D over the next 4 years, and up to an additional 20 drugs each year following that, according to the fact sheet.
“For far too long, pharmaceutical companies have made record profits while American families were saddled with record prices and unable to afford lifesaving prescription drugs,” HHS Secretary Xavier Becerra said in the HHS release. “But thanks to the landmark Inflation Reduction Act, we are closer to reaching President Biden’s goal of increasing availability and lowering prescription drug costs for all Americans. Although drug companies are attempting to block Medicare from being able to negotiate for better drug prices, we will not be deterred.”
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