In a bid to rein in soaring Medicare expenses, President Joe Biden’s administration has unveiled a roster of 10 medications, including the widely used diabetes drug Jardiance and blood thinner Eliquis, earmarked for direct price negotiations with their respective manufacturers.
This move, a cornerstone of Biden’s reelection campaign focusing on reducing American health care costs amidst inflation concerns, represents a groundbreaking effort under the Inflation Reduction Act ratified last year.
While the strategy anticipates reducing out-of-pocket costs for numerous patients, it has sparked legal challenges from pharmaceutical giants and faced staunch opposition from Republican legislators. Medicare’s Part D program provides prescription drug coverage to over 52 million qualifying individuals.
Yet, escalating drug prices have led to almost 9% of beneficiaries aged 65 and above skipping or altering prescribed dosages due to affordability issues in 2021, per the Commonwealth Fund’s research. The Centers for Medicare and Medicaid Services (CMS) will spearhead efforts to secure the most favorable prices for listed drugs, potentially benefiting patients confronted with substantial expenses like high deductibles. Pharmaceutical companies resisting participation in the negotiation framework are slated to incur hefty taxation.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].