Federal Government Price Negotiation for First 10 Drugs: What It Means for Medicare Beneficiaries
From a selection of 50 treatments that have financially burdened Medicare’s pharmacy drug benefit, the Biden administration revealed the initial ten drugs up for Medicare price talks. On this roster are some of the most well-known medications in the market, such as Merck & Co’s Januvia for diabetes, Johnson & Johnson’s Xarelto competing with Eliquis, and AbbVie’s Humira for rheumatoid arthritis. Also included are Truvada for HIV, Repatha for cholesterol reduction, and Keytruda for cancer. Negotiations for better prices on these drugs will be underway; however, Medicare beneficiaries will only see the results of these price cuts in 2026.
On the list of ten drugs that the government hopes to make more affordable for aged Americans, the most expensive and impactful were chosen. Currently, patients find themselves spending thousands on out-of-pocket medication expenses. The government aims to ease the financial burden on the Medicare program by introducing negotiations for lower medication prices.
The healthcare industry is set for a significant change, with Medicare commencing negotiations for the first ten drugs. Many Americans with trouble affording their medication have long awaited this policy shift. Medicare will start negotiating directly with drug manufacturers from this year onwards, aiming to reduce the prescription drugs that it covers. The initial 10 drugs will pave the way for a new era of government intervention in the pharmaceutical industry that has not been seen before.
References
1. 10 drugs to face Medicare price negotiations: See the list. (n.d.) Retrieved August 29, 2023, from www.cnbc.com
Originally published at https://original.newsbreak.com.
