Healthy Returns: The first round of Medicare drug price negotiations is nearing an end

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Healthy Returns: The first round of Medicare drug price negotiations is nearing an end
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The first round of Biden’s Medicare drug price negotiations is nearly finished. Meanwhile, Abridge, Epic and Mayo Clinic are bringing AI tools to nurses.

President Joe Biden's signature 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 six-decade history. Thataims to make expensive medications more affordable for older Americans, but the pharmaceutical industry argues that it is a threat to their revenue, profits and drug innovation.

Vice President Kamala Harris, the front-runner to replace Biden as the Democratic candidate for president after he dropped out of the 2024 race Sunday, would likely try to expand the scope of negotiations if elected,Hands, tablet and doctor with body hologram, overlay and dna research for medical innovation on app.

"Right now in our current environment, they're spending a significant amount of time on work that's required, but doesn't necessarily use the full skill set that they bring to the table," Frederick told CNBC in an interview. Abridge, founded in 2018, originally developed an AI documentation tool for doctors that it has deployed across health systems like Sutter Health, Yale New Haven Health System, Emory Healthcare and others. When doctors meet with a patient, they can use Abridge to consensually record their conversations and automatically turn them into clinical notes and summaries.

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