Biden Administration Unveils First Drugs for Medicare Price Negotiations
The Democrats' price negotiation program, part of the Inflation Reduction Act, is expected to save the government billions of dollars in the future.
On Tuesday, the Biden administration released a long-anticipated list of the initial 10 drugs that will undergo price negotiations with Medicare, initiating a significant program to decrease drug expenditure, which is currently being contested in court by the pharmaceutical industry.
The drugs, which are used to treat conditions such as diabetes and cancer, are consumed by millions of elderly Americans and annually cost Medicare billions of dollars. The Centers for Medicare & Medicaid Services chose these drugs through a procedure that prioritized those that account for the most significant Medicare expenditure, have been available on the market for a considerable period, and do not yet have competition from other brands. More drugs will be chosen for price negotiations in the forthcoming years.
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