BioPharma Dive August 15, 2024
Under the Inflation Reduction Act, the U.S. government has for the first time been able to directly negotiate the prices of select drugs within Medicare.
The U.S. government on Thursday said it stands to save taxpayers $6 billion on the prices it will pay for 10 widely used prescription drugs under its new authority to leverage Medicare’s market power to reduce the cost of brand-name medicines.
The prices for the drugs, which include two popular blood thinners, several diabetes treatments and a cancer pill, won’t take effect until 2026. But the Thursday announcement from the Biden administration is nonetheless an important step in a yearslong process established by the Inflation Reduction Act, which for the first time allowed the U.S....
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