CNBC August 15, 2024
Key Points
– The Biden administration released prices or the first 10 medications subject to historic negotiations between the federal Medicare program and drugmakers.
– But the announcement is just the beginning of a controversial, multi-round process that could produce more savings for taxpayers and older Americans and put more pressure on pharmaceutical companies over time.
– It’s a key provision of President Joe Biden’s signature Inflation Reduction Act, which was signed into law two years ago.
The Biden administration on Thursday reached a milestone in Democrats’ decades-long quest to use Medicare to drive down prescription drug costs, releasing new prices for the first 10 medications subject to negotiations between the federal program and drugmakers.
But the announcement is...
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