The federal government will take a first-ever step: negotiating those drugs' prices directly with manufacturers.
The medications treat heart disease, certain cancers, diabetes and autoimmune diseases. Medicare enrollees currently spend thousands of dollars on these drugs, according to the Department of Health and Human Services.
President Joe Biden is set to speak on the initiative Tuesday afternoon, along with his other efforts to lower health care costs. The Inflation Reduction Act also caps the monthly cost of insulin at $35 for Medicare enrollees, allows seniors to get more vaccines at no charge and penalizes drugmakers that raise prices higher than inflation. Other provisions kick in in coming years.
After the initial round, the Health and Human Services secretary can negotiate another 15 drugs for 2027 and again for 2028. The number rises to 20 drugs a year for 2029 and beyond. Many of the drugs on the list are made by pharmaceutical companies that are suing the administration. They include: Eliquis, a blood thinner manufactured by Bristol Myers Squibb; Januvia, a diabetes drug made by Merck; Imbruvica, a leukemia drug made by Janssen Pharmaceuticals, which is owned by Johnson
Another argument is that the process violates the Eighth Amendment by levying an excessive fine if drugmakers refuse to negotiate and continue selling their products to the Medicare market.
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