The Biden administration's multi-step negotiation process for selected Medicare drugs starts next year.
The Biden administration on Wednesday began fleshing out how it will implement drug-pricing provisions in the Inflation Reduction Act, including a multi-step negotiation process for selected Medicare drugs starting next year.The law gave the administration discretion to work out many details of the first-ever drug price talks, which will initially cover 10 Part D drugs for which there's no generic competition.
The negotiated price would become effective in 2026. Companies that don't comply will be hit by an excise tax."By considering factors such as clinical benefit and unmet medical need, drug price negotiation intends to increase access to innovative treatments for people with Medicare," CMS administrator Chiquita Brooks-LaSure said in a statement.that will trigger penalties on their manufacturers under a separate part of the IRA for having prices that rose faster than inflation.
The medicines included AbbVie's blockbuster anti-inflammatory drug Humira and the CAR-T cancer treatment Yescarta from Gilead. CMS said Medicare recipients with Part B coverage who take the drugs could save between $2 and $390 per average dose starting April 1, depending on their circumstances."Despite the rhetoric we always hear, the administration’s own report shows that prices for the vast majority of Part B medicines are not skyrocketing," said Brian Newell, spokesperson for the big drug industry trade group PhRMA.
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