The Biden administration announced the next 15 prescription drugs that will be subject to price negotiations with Medicare. This marks the second phase of the Inflation Reduction Act, aiming to make medications more affordable for seniors. The list includes Novo Nordisk's Ozempic, Wegovy, and Rybelsus, which are being treated as a single product due to their shared active ingredient. Prices for these drugs are expected to take effect in 2027. The move comes amidst legal challenges from pharmaceutical companies, who argue that the negotiation process threatens innovation and revenue.
The Biden administration unveiled the next 15 prescription drugs that will be subject to price negotiations between manufacturers and Medicare.
The agreed-upon prices for the second wave of drugs are scheduled to go into effect in 2027. But it's unclear whether President-elect Donald Trump could try to change or scale back some of the law's provisions when he takes office next week. Bristol Myers SquibbPresident Joe Biden's Inflation Reduction Act gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program's nearly 60-year history.
The negotiation period ends in November, which"sounds like a long time but takes a number of steps," she said. Medicare has already completed negotiations for the first 10 drugs selected in the program, with new prices set to go into effect next year. In August, the Biden administration said it expects those negotiated prices to save Medicare enrollees aroundin out-of-pocket costs in 2026 alone. The government also expects the prices to lead to around $6 billion in net savings for the Medicare program
In a statement on Friday, Novo Nordisk said it is opposed to the negotiations and has"significant concerns" about how the Biden administration is implementing the law. The Danish drugmaker specifically criticized the decision to combine multiple products that"individually would not meet the requirements of the statute," referring to Ozempic, Rybelsus and Wegovy being listed as a single product.
She said it would mean Medicare's final negotiated price for semaglutide would apply to all of its branded products, regardless of why they are prescribed. Medicare does not currently cover Wegovy for weight loss, but does cover the weekly injection for slashing the risk of cardiovascular events. In separate statements, Bristol Myers Squibb, Teva Pharmaceuticals and Boehringer Ingelheim argued that the price talks could hurt patient access and future innovation in the industry.
MEDICARE DRUG PRICES INFLATION REDUCTION ACT NOOV NORDISK OZEMPIC WEGOVY RYBELSUS
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