The Biden administration this week is expected to announce the first 10 prescription drugs the federal government will negotiate under a new federal law that aims to reduce the cost of Medicare’s most expensive medicines.
For the first time, the federal government is allowed to negotiate drug prices for older Americans because of the Inflation Reduction Act, the sweeping climate and health legislation passed by Congress last year. The Centers for Medicare & Medicaid Services must publish the list of 10 drugs by Friday, but administration officials have signaled the announcement could come earlier in the week.
Consumer and senior advocates long have sought efforts to rein in drug prices for Medicare enrollees and taxpayers.
Don’t you worry your pretty little head. The majority of Americans will still be be subsidizing global Pharma profits. This negotiation only covers individuals with government funded healthcare, which we try to keep to a bare minimum over here.