Commonwealth Fund September 8, 2023
Medicare is set to negotiate prices for certain high-cost drugs with pharmaceutical manufacturers.
To reduce prescription drug costs for Medicare beneficiaries, the Centers for Medicare and Medicaid Services has mapped out the negotiation process for the agency and drug manufacturers.
The Inflation Reduction Act, signed by President Biden in August 2022, gives the Centers for Medicare and Medicaid Services (CMS) the authority to negotiate prescription drug prices for certain high-cost drugs in Medicare. When this provision takes effect in 2026, it will mark the first time the federal government negotiates with drug manufacturers on behalf of millions of beneficiaries.
In July 2023, CMS established a negotiation process between the agency and drug manufacturers for the prices of drugs selected for...
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