Heart, diabetes, cancer drugs on list for Medicare price negotiations, White House says

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Heart, diabetes, cancer drugs on list for Medicare price negotiations, White House says
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The Biden administration on Tuesday named the first 10 medicines that will be subject to price negotiations between Medicare and participating drug companies.

at Cornell University, said in a statement."It could target 60 drugs by 2030... Call it negotiation or price control, but the government has just furthered on its promise to lower health care costs for all Americans.""Capping the cost of insulin for Medicare enrollees at $35 per month was the first shot across the bow," he said."Now the government looks to specific drugs that will have a greater impact on controlling costs.

All told, the selected drugs represent more than $50 billion in Medicare prescription drug costs, about 20% of total Part D drug costs from June 2022 through May 2023. Annual out-of-pocket costs per enrollee taking these drugs ranged from a high of $5,247 for Imbruvica to a low of $121 for NovoLog in 2022, the HHS said.

In future years, CMS will select up to 15 more drugs for negotiation for 2027, up to another 15 drugs for 2028, and as many as 20 more drugs for each year after that.

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