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The Biden administration unveiled Tuesday the names of the first 10 drugs subject to price negotiations in Medicare, including several popular blood thinners and diabetes medications.
Medicare recipients spent $3.4 billion out of pocket for those drugs in 2022, with average out-of-pocket spending for the most expensive drugs as high as $6,497 per enrollee, according to the agency.
The U.S. Centers for Medicare & Medicaid Services (CMS) spent $50.5 billion between June 1, 2022 and May 31, 2023 on the 10 drugs, which is the time period used to determine which medicines were ...
Medicare announced the first 10 prescription drugs that will be subject to price negotiation to lower drug costs.
The 15 drugs accounted for $41 billion, or 14%, of total Medicare Part D spending between Nov. 1, 2023, and Oct. 1, 2024.
The ability to allow Medicare to negotiate drug prices was included in the Inflation Reduction Act passed by Congress in 2022. The act also set a $2,000 price cap on out-of-pocket drug expenses ...
Weight loss drugs Ozempic and Wegovy have been added to the list of medications Medicare will be able to negotiate directly with drug manufacturers, potentially leading to savings for consumers.
The Medicare drug price negotiation program — that allows the federal health insurance program for people age 65 or older to negotiate the price of certain drugs with the companies that make ...