AXIOS August 15, 2024
Medicare cut deals to lower the list prices of 10 widely used drugs between 38% and 79% during the first round of government price negotiations, the Biden administration said Thursday.
Why it matters: Officials said the first-ever talks will save taxpayers $6 billion. Seniors should save $1.5 billion in out-of-pocket costs when the price changes take effect in 2026.
The big picture: The announcement caps Democrats’ decades-long push to let the government negotiate directly with manufacturers — and gives the White House a potent talking point as the presidential campaign crests.
Between the lines: The negotiations involved the government exchanging offers and counteroffers with the manufacturers.
- For four of the drugs, Medicare wound up accepting a drug company’s counteroffer....
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