Fortune October 25, 2023
The Inflation Reduction Act will let Medicare negotiate prescription drug prices with manufacturers to combat soaring medication costs, which it’s never been allowed to do. So, the obvious question: If you’re on Medicare, will your drug costs come down?
The not-so-obvious answer: Possibly, though not imminently.
Medicare drug price negotiation “is a big deal,” says Andrea Ducas, vice president of health policy at the Center for American Progress, a progressive, nonpartisan policy institute.
Medicare drug price negotiation: ‘Pretty remarkable’
It’s actually enormously popular with bipartisan support, according to polls.
“Drug price negotiation actually puts America closer to sort of on par with where other countries are,” says Ducas. “It means that, for the first time, there will be an ability...
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