Biden administration expected to unveil Tuesday first drugs subject to Medicare negotiations

The Biden administration is set to reveal the first 10 drugs subject to negotiation in Medicare, despite facing multiple lawsuits from the drug industry declaring the program unconstitutional.

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Relevant topic timeline:

8/28/2023

Wall Street Breakfast: Labor Rising

Unions are gaining momentum as workers across various industries threaten strikes and demand better compensation and conditions, with the potential for significant economic losses and impacts on industries such as autos and Hollywood. Meanwhile, U.S. Commerce Secretary Gina Raimondo visits China to discuss trade and investment, and 3M settles a lawsuit over defective combat earplugs for over $5.5 billion. Additionally, the Biden administration is expected to announce the first ten drugs subject to Medicare price negotiations.

8/29/2023

Biden administration names 10 prescription drugs for price negotiations

The Biden administration has identified 10 expensive prescription drugs, including blood thinners, diabetes treatments, and cancer drugs, for price negotiations with pharmaceutical manufacturers in an effort to reduce Medicare drug costs and ease the financial burden on beneficiaries, although the fate of the negotiation plan is uncertain due to ongoing lawsuits.

8/30/2023

Medicare should negotiate with drugmakers. But not set prices

The newly implemented rules in America that allow Medicare to negotiate drug prices could have damaging effects on innovation in the pharmaceutical industry and may discourage investment in new medicines, leading to fewer treatments in the future. Instead of focusing solely on price controls for drugs, regulators should address the issues within the rest of the supply chain, such as opaque middlemen and hospital mergers, to effectively lower healthcare costs.

9/14/2023

Medicare Begins Drug Price Negotiations, But Benefits Won't Arrive for Years

Summary: Medicare has started its first round of drug price negotiations, which is expected to benefit enrollees in the future, but immediate steps should be taken to lower medication costs.

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Posted 8/25/2023, 10:49:00 PM