First 10 drugs for Medicare price negotiations chosen

First 10 drugs for Medicare price negotiations chosen

Aug 29, 2023 by Health Care - Politico

Key Facts

  • | Darron Cummings/AP Photo In a historic move aimed at lowering drug costs for millions of Americans, the federal government Tuesday announced the first 10 drugs that will be subject to price negotiations between Medicare and pharmaceutical companies.
  • The IRA mandates that up to a certain number of drugs will be added annually to the negotiations.
  • The 10 drugs on the list accounted for $50.5 billion (or 20 percent) in total Part D spending from June 1, 2022, through May 31, 2023, according to the Department of Health and Human Services.
  • “Giving a single government agency the power to arbitrarily set the price of medicines with little accountability, oversight or input from patients and their doctors will have significant negative consequences long after this administration is gone,” PhRMA CEO Stephen Ubl said in a statement following the release of the list of drugs.

Click To Read Full Article

MONEY
PRODUCT
PERCENT
ORGANIZATION
GROUP
LAW
PERSON
GEOGRAPHY
MISCELLANEOUS

This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2021 Kwhen Inc.

Was this content valuable for you?