Forbes August 18, 2024
The Centers for Medicare and Medicaid Services announced this week the agency had settled on “maximum fair prices” for the first ten prescription drugs it selected last year under the Inflation Reduction Act’s drug price negotiation program. Once these prices are implemented in 2026, Medicare beneficiaries are expected to save in aggregate $1.5 billion in out-of-pocket costs on pharmaceuticals. But there’s uncertainty regarding broader implications of the program in which CMS negotiates prices of certain top-selling medications, in terms of if and by how much the federal government reaps savings and the pharmaceutical industry loses revenue.
The IRA’s two main drug pricing provisions aim to lower the Medicare beneficiaries’ out-of-pocket cost burden by reducing the net prices of certain top-selling...
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