CNBC January 11, 2023
Key Points
– The Health and Human Services Department will select 10 Medicare Part D drugs this year for price negotiations with manufacturers.
– The federal government for the first time has the power to negotiate Medicare drug prices due to the Inflation Reduction Act.
– The actual negotiations begin in 2024 and the prices will go into effect in 2025.
The Health and Human Services Department plans to publish in September a list of 10 drugs covered by Medicare that it will target for price negotiations, the first phase in a long awaited effort to cut costs for seniors.
HHS officials, in a call with reporters on Wednesday, laid out the federal government’s road map for negotiating drug prices...
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