See which drugs President Biden is targeting first for Medicare price-lowering talks

The Biden administration has released a list of 10 medications, including the blood thinner Eliquis and diabetes treatment Jardiance, for Medicare's first-ever drug price negotiations in an effort to lower medical costs, although the savings won't be noticeable for several years and litigation from drugmakers and criticism from Republican lawmakers persist.

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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

Countdown is on for Medicare negotiations drug list

The Biden administration is set to announce the first 10 prescription drugs selected for Medicare price negotiations, marking the start of direct negotiations between drugmakers and Medicare over drug prices.

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 8/29/2023, 5:26:51 PM