Hill March 20, 2024
Pharmaceutical executives have given surprisingly optimistic reactions to initial offers from Medicare in drug price negotiations, signaling a break from industry lawsuits that warn of dire consequences from the program.
With the offers remaining secret, some have speculated the price reductions may be relatively modest, but patient groups suspect CEOs may be paying lip service to investors worried about a hit to profits.
Either way, officials remain confident the program, part of President Biden’s Inflation Reduction Act (IRA), will ultimately deliver significant savings to Medicare.
The Centers for Medicare and Medicaid Services (CMS) sent out initial offers Feb. 1, and all involved drugmakers sent back counteroffers a month later.
Neither side has disclosed figures, but executives from...
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