Under a new law, Medicare is able to negotiate prices with drugmakers: These are the first drugs subject to potential price cuts.
The Biden administration said that negotiations for the first group of selected drugs will begin sometime this year.ranging from at least 25 to 60 percent off the nonfederal average manufacturer price of these medications, based on different factors including their clinical benefits and the price of alternatives. Following negotiations with drugmakers, the agency will then publish the agreed-upon fair prices by Sept. 1, 2024, according to the news outlet.
, MD, a health policy researcher at Brigham and Women's Hospital and Harvard Medical School, told CNN. The new negotiated prices won't actually go into effect until 2026, but the potential impact may be worth the wait—especially for individuals who are not taking their necessary medications because of the high costs.
"The number one reason seniors skip or ration their prescriptions is because they can't afford them. This must stop,", chief advocacy and engagement officer for AARP, told CNN."Allowing Medicare to negotiate prices for these first 10 drugs will finally bring much needed access and relief to American families, particularly older adults. We cannot overstate how monumental this law is for older Americans' financial stability and overall health.
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