AbbVie and more than a dozen other drugmakers are facing the penalties, for the first time, as part of the federal Inflation Reduction Act
. Under that Act, which was signed into law last year, drug companies are required to pay rebates to Medicare if they raise prices for certain drugs faster than the rate of inflation.
The Centers for Medicare & Medicaid Services will calculate the amounts of the rebates drugmakers must pay, but has not yet said exactly how much they will be. Drugmakers will have to pay the rebates in 2025. “With the inflation rebate program, we are fighting to ensure seniors can afford the treatments they need, taxpayers aren’t subsidizing drug company excess prices, and the Medicare program is strong for millions of beneficiaries now and in the future,” said U.S. Department of Health and Human Services Secretary Xavier Becerra, in a news release.
The Inflation Reduction Act also allows Medicare to negotiate lower prescription drug prices for seniors, caps the cost of insulin at $35 and makes recommended vaccines free for Medicare beneficiaries, among other things.
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