MedCity News November 27, 2022
Girisha Fernando

By leveraging its large membership, Medicare could by embracing value-based contracting significantly influence the pharmaceutical market, pitting competing drugs against each other, or encouraging pharmaceutical makers to figure out ways to deliver drugs more cheaply.

An executive order signed in October by President Joe Biden instructing his administration to find more ways to lower prescription drug prices could, potentially, have a larger effect on skyrocketing drug prices than this summer’s long-awaited passage of the Inflation Reduction Act. While measures in that act, such as capping out-of-pocket drug prices for seniors on Medicare, and allowing Medicare to negotiate prices with pharmaceutical companies, are the government’s strongest actions ever against Big Pharma; they are not enough to set off a badly-needed revolution...

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Topics: Biotechnology, Congress / White House, Govt Agencies, Healthcare System, Insurance, Medicare, Patient / Consumer, Payment Models, Pharma, Pharma / Biotech, Pricing / Spending, Provider, Value Based
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