Becker's Healthcare August 15, 2024
For the first time, the largest buyer of pharmaceuticals in the U.S. — Medicare, which covered more than 67 million people as of April — has bargaining power in an industry worth $640 billion.
12 things to know:
1. CMS gained negotiation authority after President Joe Biden signed the Inflation Reduction Act in August 2022. It allows the agency to negotiate the price of drugs without generic or biosimilar competition that heavily cost Medicare Parts B and D.
2. The agency released the negotiated prices Aug. 15. Medications on the list treat heart conditions, blood clots, leukemia, lymphoma, Type 2 diabetes, kidney disease, rheumatoid arthritis, psoriasis, Crohn’s disease and ulcerative colitis.
3. The first 10 negotiated prices, listed...
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