U.S. to announce list of drugs for pricing negotiations Sept. 1
Reuters
Published Jan 11, 2023 11:11AM ET
Updated Jan 11, 2023 08:06PM ET
By Ahmed Aboulenein
WASHINGTON (Reuters) - The U.S. government will announce a list of 10 prescription drugs for which it plans to negotiate the prices for Medicare recipients on Sept. 1, and the prices a year later, a top Biden administration official said on Wednesday.
President Joe Biden in August signed into law the Inflation Reduction Act, which among its provisions for the first time allows the federal Medicare health plan for people age 65 and older and the disabled to negotiate prices on some of the most expensive drugs.
The U.S. Department of Health and Human Services (HHS) and the Centers of Medicare & Medicaid Services (CMS) - which oversees Medicare and the negotiation process - announced the specific timeline for the first year of negotiations on Wednesday.
It had previously said it would release the names of the 10 Part D high-spend brand name medicines that would be included in pricing negotiations in the fall of 2023.
In September of 2024, CMS expects to publish the negotiated "maximum fair price" that would become effective in 2026, CMS Administrator Chiquita Brooks-LaSure said on a call with reporters.
(This story has been corrected to fix the timing of announcement on prices to 2024 in paragraph 1)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.