Biden takes on big pharma with Medicare drug price negotiations
Hey friends, the Biden administration has selected the first 10 drugs that will be subject to price negotiations in Medicare. These drugs include several popular blood thinners and diabetes medications, such as Eliquis, Jardiance, Xarelto, and Januvia.
The medications treat a variety of conditions, including heart disease, cancer, diabetes, autoimmune diseases, and blood clotting disorders. Medicare enrollees paid a total of $3.4 billion in out-of-pocket costs for these drugs last year. I take a blood thinning drug and I am hopeful that these negotiations will help to lower the cost of these medication and make it more affordable for everyone taking them.
President Biden has said that the negotiations are a “new deal for patients” and that they will help to lower drug prices. He has also criticized the pharmaceutical industry for charging Americans more than three times what they charge other countries.
The negotiations are expected to begin in the coming months and could take several years to complete. However, they have the potential to significantly lower drug prices for Medicare beneficiaries.
Published first to ldstephens.net – August 31, 2023