McKnight’s Senior Living November 2, 2023
For the first time, Medicare will be empowered to leverage its purchasing power on behalf of millions of older adults and directly negotiate costs with pharmaceutical companies. This unprecedented authority to tackle drug prices signals a new era that could substantially lower out-of-pocket drug costs for some senior living residents and other other older adults and reshape the Medicare prescription landscape.
Currently, Medicare Part D plan sponsors negotiate with drug manufacturers to set prices. The Medicare program itself, however, had been barred from using its bulk buying power to bargain directly. Consequently, beneficiaries often faced high prices for vital medications.
Under the new legislation, starting in 2026, Medicare can negotiate prices for 10 high-cost drugs. This list will expand to...
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