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Biden Admin Announces First 10 Medications That Will Be Subject to Medicare Negotiations

HeadlineAug 30, 2023

The Biden administration released a list of the first 10 prescription drugs Medicare will now be able to negotiate prices on, which could lead to a savings of some $100 billion over the next decade. The price negotiation was established as part of 2022’s Inflation Reduction Act and is a massive blow for Big Pharma, which has been fighting the plan in courts in at least eight lawsuits. The drugs are used to treat diabetes, cancer and heart disease, among other conditions. The White House said senior citizens paid $3.4 billion in out-of-pocket costs for the 10 medications in the past year. This is President Biden.

President Joe Biden: “For years Big Pharma blocked this. They kept prescription drug prices high to increase their profits and extend patents on existing drugs to suppress fair competition instead of innovating, playing games with pricing so they could charge whatever they can. But this is — finally, finally, finally, we had enough votes, by a matter of one, to beat Big Pharma.”

The negotiated prices will not take effect until 2026, and some drugs will remain exempted from further negotiations, including those which were approved by the FDA less than nine years ago.

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