10 companies manufacturing some of the costliest prescription drugs to participate in first-ever direct negotiations with Medicare
Today, the Biden-Harris Administration announced that all 10 drug companies whose drugs were selected for price negotiation with Medicare for the first cycle of the program have decided to participate in those negotiations. These companies manufacture some of the costliest and most commonly used prescription drugs.
“We are pleased that all 10 drug companies will participate in Medicare drug price negotiations. We look forward to continuing this critical work to lower health care costs for the American people and ensure seniors don’t have to choose between paying for prescription drugs or putting food on the table,” said HHS Secretary Xavier Becerra. “The Biden-Harris Administration wants Americans with Medicare to have access to innovative, life-saving treatments.
CMS will publish any agreed-upon negotiated prices for the selected drugs by September 1, 2024; those prices will become effective starting January 1, 2026. In future years, CMS will select for negotiation up to 15 more drugs covered under Part D for 2027, up to 15 more drugs for 2028 , and up to 20 more drugs for each year after that, as required by the Inflation Reduction Act.
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