Health Affairs September 3, 2024
On August 15, 2024, the Centers for Medicare and Medicaid Services (CMS) released the negotiated prices, or Maximum Fair Prices (MFPs), for the first 10 pharmaceutical products selected for negotiation under the Inflation Reduction Act’s Medicare Drug Price Negotiation Program. These prices will be effective in 2026. CMS stated that if the MFPs had been introduced in 2023, they would have resulted in a 22% decrease in Medicare Part D net spending, or $6B. CMS also reported differences between MFPs and list prices in 2023 for each of the products. It did not, however, release information on the extent to which MFPs compared to Medicare Part D net prices at the drug level. This distinction is critical because most of...
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