The U.S. government on Tuesday released a list of 10 prescription medicines that will be subject to the first-ever price negotiations by the Medicare health program that covers Americans aged 65 and over.
Here is what you need to know about the negotiation process and possible role in lowering drug costs.Under President Joe Biden’s Inflation Reduction Act, which was passed into law last year, the government will negotiate with drugmakers the prices of a select number of medicines on which it spends the most annually for the Medicare health program that covers 66 million Americans.
After spending the past year getting input from drugmakers and members of the public and putting together rules for the program, the negotiations kick off with Tuesday’s announcement. Medicare plans to send its first offers to manufacturers by Feb. 1. They will have 30 days to make counteroffers. The negotiations must end by Aug. 1, and Medicare will publish its list of new prices on Sept. 1. The law requires that negotiated prices be at least 25% lower than the original list prices.
After that, Medicare will barter for prices on 20 prescription or doctor-administered medicines each year.Consumers in the Medicare program could see savings in 2026, depending on how their prescription drug plans are set up, and assuming the pharmaceutical industry and its supporting organizations do not manage to derail the program before then.
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