Will Medicare Negotiations with Pharmaceuticals Really Cut Drug Prices?
<p>The Biden administration released on Aug. 29, 2023, a <a href="https://www.cms.gov/files/document/fact-sheet-medicare-selected-drug-negotiation-list-ipay-2026.pdf" rel="noopener ugc nofollow" target="_blank">list of the first 10 drugs</a> that will be up for negotiations with pharmaceutical companies over their Medicare prices.</p>
<p>The drugs are purchased through <a href="https://www.medicare.gov/drug-coverage-part-d" rel="noopener ugc nofollow" target="_blank">Medicare Part D</a>, a prescription drug coverage program for Americans ages 65 and older. The 10 medications accounted for more than US$50.5 billion in gross costs between June 1, 2022, and May 31, 2023.</p>
<p>Provisions authorizing these negotiations were part of the <a href="https://www.irs.gov/inflation-reduction-act-of-2022" rel="noopener ugc nofollow" target="_blank">Inflation Reduction Act</a> which Congress passed in 2022, allowing Medicare to negotiate drug prices for the first time.</p>
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