Federal officials reached deals with drug companies to lower the cost for 10 of Medicare’s costliest drugs. Here's what to know.
The White House said Thursday that federal officials struck deals with drug companies to lower the price for 10 of Medicare’s most popular and costliest drugs. The deals will knock hundreds of dollars, and in some cases thousands, off the list prices. The discounts range between 38% and 79% on the medication's list price, which is the cost of medication before discounts or rebates are applied — not the price people actually pay for prescriptions, according to the Biden administration.
"Powerful drug companies unsuccessfully tried to file lawsuits to stop the negotiations, which became law in 2022, when a Democratic-controlled Congress passed the Inflation Reduction Act and overhauled several Medicare prescription drug regulations. But executives of those companies have also hinted in recent weeks during earnings calls that they don't expect the negotiations to impact their bottom line.
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