Medical Xpress August 15, 2024
Major pharmaceutical companies lashed out following a landmark deal unveiled Thursday to cut the costs of 10 key medicines, with some saying the price-setting process was not transparent.
Their statements came after US President Joe Biden and Vice President Kamala Harris announced a deal to lower costs of the first 10 drugs picked for Medicare price talks.
The agreement with drugmakers—who said they came on board with negotiations as they had no choice—is set to save seniors in the United States $1.5 billion in out-of-pocket costs.
It is the result of months of negotiations and is anticipated to save Medicare $6 billion in the first year alone, said Biden, referring to the federal health insurance for seniors.
While the announcement...
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