Early Medicare Negotiations: White House Unveils Initial List of 10 Prescription Drugs
In advance of a White House event, the Biden administration is anticipated to announce early next week the first 10 pharmaceuticals chosen for Medicare price talks.
As the first-ever direct negotiations among Medicare and pharmaceutical makers over a set of drugs, the declaration will be a landmark milestone in the effort to reduce prescription prices.
More than a year ago, Democrats as part of the Inflation Reduction Act handed Medicare those new rights.
It was the culmination of a decades-long drive by party leaders to give the government a say in prescription prices for the American people.
Because of the potential impact on publicly traded companies that make any pharmaceuticals on the list, the initial list is scheduled to be revealed by Biden health authorities before the stock market starts on Tuesday morning.
Based on an invitation obtained by POLITICO, the event, which is described as a discussion on “lowering health care costs,” will be set for 2:00 p.m. A White House official verified that the event will occur the following week.
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White House Decline When to Disclose The List of Drugs
The White House official did not specify exactly when the administration would disclose the list of drugs, and individuals involved in the plans — who were granted anonymity to speak about internal planning — cautioned that the release date could still be altered.
The Centers for Medicare and Medicaid Services must publish by September 1 up to ten Medicare Part D drugs selected for negotiation.
Although only a small number of drugs appear to meet the program’s eligibility requirements, health officials have maintained strict secrecy regarding the drugs they intend to negotiate.
As part of a larger “Bidenomics” strategy to support his reelection campaign, President Joe Biden has tried to push health initiatives like the new Medicare negotiating program.
Although the first set of drugs for which prices have been negotiated won’t go into effect until 2026, Obama has maintained that the campaign will help battle inflation and stimulate the economy by reducing the amount Americans have to spend each year on essential medicines.
At the beginning of the year, a second IRA provision took effect that set a monthly cap on the cost of insulin for Medicare members at $35.
However, it is expected that the Medicare discussions will have a wider influence on the cost of a group of high-priced pharmaceuticals for which there is no competition.
Source: POLITICOviaMSN
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