Lexology March 13, 2024
In 2022, the United States Congress passed the Inflation Reduction Act (IRA) which gave Medicare the authority to negotiate certain prescription drug prices with manufacturers for the first time. The intent of this law is to reduce the cost of some of the most expensive drugs and increase access to patients through Medicare Part B and D.
Annual Cycles
In August 2023, the Centers for Medicare and Medicaid Services (CMS) announced the first 10 drugs that it selected for negotiation. All of these drugs are covered under Medicare Part D. CMS selected these drugs based on total expenditures under Part D and other criteria as required by the IRA. The negotiations will occur through 2024, and the rate will...
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