Medicare spent $50 billion covering the drugs last year. and taxpayers are expected to save $6 billion on the new prices, which do not go into effect until 2026.
President Joe Biden speaks at the White House Creator Economy Conference in the Indian Treaty Room at the Eisenhower Executive Office Building on the White House complex, Wednesday, Aug. 14, 2024, in Washington.
It’s a landmark deal for the Medicare program, which provides health care coverage for more than 67 million older and disabled Americans. For decades, the federal government had been barred from bartering with pharmaceutical companies over the price of their drugs, even though it’s a routine process for private insurers.
Harris is set to release part of her economic agenda on Friday in North Carolina, where she plans to detail other ways to help cut costs and boost incomes for the middle class.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 , overhauling several Medicare prescription drug regulations.
“The administration is using the IRA’s price-setting scheme to drive political headlines, but patients will be disappointed when they find out what it means for them,” Steve Ubl, the president of the Pharmaceutical Research and Manufacturers of America . “The ironically named Inflation Reduction Act is a bad deal being forced on American patients: higher costs, more frustrating insurance denials and fewer treatments and cures for our loved ones.
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