Medical Economics February 1, 2024
PhRMA, U.S. Chamber warn of unintended consequences, market effects of negotiations.
A federal plan to negotiate drug prices for Medicare that aims to benefit patients, instead will hurt them by stifling scientific development, according to pharmaceutical companies and the U.S. Chamber of Commerce.
On Feb. 1, the U.S. Centers for Medicare & Medicaid Services (CMS) announced it would send initial offers to drug manufacturers on the first 10 drugs selected for negotiations to bring down prescription prices.
But the government bureaucrats won’t release details about how they determined the offered prices. That obscures the process of bargaining over 10 innovative medicines and does not benefit the drug companies or consumers, according to the Pharmaceutical Research and Manufacturers of America (PhRMA).
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