Tue. Jul 23rd, 2024

Biden administration to lower costs for 64 drugs through inflation penalties on drugmakers

By 37ci3 Jun27,2024

On Wednesday, the Biden administration said it would apply inflation penalties on 64 prescription drugs in the third quarter of this year, cost reduction For some older Americans enrolled in Medicare.

the president Joe Biden made lowering drug prices a key pillar of the health care agenda in the United States and re-election platform For the year 2024. A security Biden’s Inflation Reduction Act requires drugmakers to pay rebates to Medicare, the federal health program for Americans over age 65, if they raise the price of a drug faster than the rate of inflation.

This is separate from the other provision of the law authorizing Medicare negotiate Low prescription drug prices with manufacturers. Average Americans pay two to three times more According to the Biden administration, it is more than patients in other developed countries for prescription drugs.

Some patients will pay lower premiums for the 64 Medicare Part B drugs covered in Wednesday’s announcement from July 1 to Sept. 30 “because every drug company is raising prices faster than the rate of inflation.” to the release of management.

Some Medicare Part B patients can save $4,593 a day if they use these drugs during the quarter.

According to the release, more than 750,000 Medicare patients use the drugs each year. Medicines treat conditions such as cancer, certain infections, and a bone disease called osteoporosis.

“Without the Inflation Reduction Act, seniors have been completely exposed to Big Pharma’s price hikes. Not anymore,” White House domestic policy adviser Neera Tanden said in a statement.

The Centers for Medicare & Medicaid Services plans to send the first bills to drugmakers in 2025 for benefits owed to the program.

Biden in December announced the list 48 prescription drugs to face inflation penalties in the first quarter of 2024.

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By 37ci3

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