CNBC March 13, 2024
Good morning! The bitter legal battle over Medicare drug price negotiations is heating up – and so far, it’s looking favorable for the Biden administration.
So, what’s this fight all about in the first place? It centers around a key provision of President Joe Biden’s Inflation Reduction Act that gives Medicare the power to negotiate prices for costly prescription medicines. The talks aim to make those drugs more affordable for seniors, and will likely take a bite out of pharmaceutical industry profits.
The Biden administration faces a flurry of lawsuits from drugmakers with medicines selected for the first round of talks. The final negotiated prices of the initial ten drugs will go into effect in 2026.
The...
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