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.

washingtonpost.com

Relevant topic timeline:

8/15/2023

Drug makers have tripled the prices of top Medicare drugs

Main topic: The exorbitant price hikes of the top 25 costliest drugs for Medicare Part D plans. Key points: 1. The price hikes of these drugs have more than tripled their list prices since entering the market. 2. The price increases far outstripped the rate of inflation, ranging from 20 percent to 739 percent. 3. Only one drug had price increases below the rate of inflation, while the average lifetime price increase for the top 25 drugs was 226 percent.

8/25/2023

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.

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.

8/30/2023

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.

Topics

Posted 8/29/2023, 12:35:57 PM