By Patrick Wingrove (Reuters) - The U.S. government on Tuesday released a list of 10 prescription medicines that will be subject to the first-ever ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Patrick Wingrove
Here is what you need to know about the negotiation process and possible role in lowering drug costs.Under President Joe Biden’s Inflation Reduction Act, which was passed into law last year, the government will negotiate with drugmakers the prices of a select number of medicines on which it spends the most annually for the Medicare health program that covers 66 million Americans.
Prices settled on for these first 10 drugs will not go into effect until 2026, and several drugmakers and business groups have filed lawsuits seeking to derail the entire process.Drugmakers have until Oct. 1 to agree to the negotiations. If they refuse, they face heavy fines. By Oct. 2, they must hand over extensive data the government requires to come up with its proposed lower prices.
After that, Medicare will barter for prices on 20 prescription or doctor-administered medicines each year.Consumers in the Medicare program could see savings in 2026, depending on how their prescription drug plans are set up, and assuming the pharmaceutical industry and its supporting organizations do not manage to derail the program before then.
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