Hill September 2, 2023
On Aug. 29, the Biden administration announced the first 10 drugs whose prices will be negotiated with pharmaceutical companies this year and next, with lower prices becoming effective in 2026. The stakes are huge for American taxpayers and patients. Medicare enrollees taking the 10 selected drugs paid $3.4 billion in out-of-pocket costs in 2022. These 10 drugs cost Medicare $50.5 billion between June 1, 2022 and May 31, 2023.
For President Biden, lowering drug prices is a signature issue, especially approaching the 2024 election. And lower drug prices are hugely popular across party lines. More than 3 in 4 Americans think the costs of prescription drugs are unaffordable and nearly 1 in 3 say they haven’t taken their medications...
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