Starting next month, some Medicare beneficiaries will see lower out-of-pocket prices for 27 prescription drugs whose prices rose faster than inflation in the last quarter of 2022, HHS says.
In a speech in Las Vegas, Biden said the move will"change the way drugs are priced.”
The Inflation Reduction Act, which the president signed into law last year, includes prescription drug provisions that penalize pharmaceutical companies for raising prices for certain drugs faster than the rate of inflation for Medicare beneficiaries, the officials noted. Health Secretary Xavier Becerra said the list of drugs subject to rebates will be updated every quarter. Becerra also noted that the Inflation Reduction Act capped the price of insulin at $35 and said it “negotiates a fair price for more prescription drugs.”
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