Drug Topics January 22, 2024
The Congressional Budget Office last year estimated that price negotiation will lower average drug prices in Medicare and will reduce the budget deficit by $25 billion in 2031, including lowering Part D spending by $14 billion and Part B spending by $9 billion. Other federal spending will be lowered by $1 billion.
Beginning Feb. 1, 2024, the Centers for Medicare and Medicaid Services (CMS) will send proposals to the manufacturers of the first 10 drugs selected for negotiation under the 2022 Inflation Reduction Act (IRA). Plans are for CMS and each company to meet up to three times during the spring and summer of 2024.
But questions remain about what CMS officials want to achieve and the long-term impact of...
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