BC Advantage - 2023 Issue 10

HHS Selects the First Drugs for Medicare Drug Price Negotiation

For the first time, Medicare will be able to negotiate prices directly with drug companies, lowering prices on some of the costliest prescription drugs.For the first time, thanks to President Biden's Inflation Reduction Act – the historic law lowering healthcare costs – Medicare is able to negotiate the prices of prescription drugs. Recently, the U.S. Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), announced the first 10 drugs covered under Medicare Part D selected for negotiation. The negotiations with participating drug companies will occur in 2023 and 2024, and...

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