The US Department for Health and Human Security (HSS) has selected the first drugs for Medicare price negotiation.
First drugs for Medicare price negotiation selected
Home/Policies & Legislation | Posted 22/09/2023 0 Post your comment
On 29 August 2023, HSS, through the Centers for Medicare & Medicaid Services (CMS), announced the first 10 drugs covered under Medicare Part D selected for negotiation.
This comes as a first step following the Inflation Reduction Act (IRA) which is designed to address the rapid rate of increase in Part B drug spending and lower costs for Medicare enrollees . Medicare is now able to negotiate prices directly with drug companies, with the aim of lowering prices on some of the costliest prescription drugs. The negotiations with participating drug companies will occur in 2023 and 2024, and any negotiated prices will become effective beginning in 2026. HSS announced that Medicare enrollees taking the 10 drugs paid a total of US$3.4 billion in out-of-pocket costs in 2022 for these drugs.
The selected drug list for the first round of negotiation is:
The negotiated price for these drugs will be announced by the CMS by September 2024. As outlined in the IRA, the next steps will be for CMS to select up to 15 more drugs covered under Part D for negotiation for 2027, up to 15 more drugs for 2028 (including drugs covered under Part B and Part D), and up to 20 more drugs for each year after that .
Medicare drug price negotiation: what next?
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1. GaBI Online - Generics and Biosimilars Initiative. Inflation Reduction Act explained [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2023 Sep 22]. Available from: www.gabionline.net/policies-legislation/inflation-reduction-act-explained
2. GaBI Online - Generics and Biosimilars Initiative. New guidance for Medicare Drug Price Negotiation Program [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2023 Sep 22]. Available from: www.gabionline.net/policies-legislation/new-guidance-for-medicare-drug-price-negotiation-program
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