First 10 drugs named for Medicare price negotiations, policy triumphs over politics.

By Better Today On Aug 30, 2023

Biden Administration Announces Medicare’s Ability to Negotiate Drug Prices

The Biden administration has revealed its list of the first 10 drugs on which Medicare will now be able to negotiate prices. This move grants Medicare the power to sit down with pharmaceutical companies and discuss pricing on these medications. Experts, such as Angela Mattie, a professor at Quinnipiac University, view this as a positive step forward in healthcare policy.

Mattie expressed her enthusiasm, stating, “If I could dance, I would be doing the jig because this is a good policy.” The list of drugs includes essential treatments for various conditions, such as blood thinners, diabetes, cancer, and heart disease. Notable examples mentioned by Mattie include Eliquis and Jardiance, which are used to treat diabetes.

This development is a result of the Inflation Reduction Act, which Congress approved last year. The implementation of the plan will occur in stages. Initially, negotiations will take place from now until 2024. Following that, 15 additional drugs will enter a second phase, but the negotiated prices will not take effect until 2026.

Mattie praised the fact that good policy triumphed over politics in this decision. However, the pharmaceutical industry has attempted to disrupt Medicare’s newfound negotiating authority through multiple lawsuits. So far, their efforts have been unsuccessful.

It’s important to note that this plan exclusively impacts individuals enrolled in Medicare. Nevertheless, Mattie hopes that this is just the beginning and that the policy will extend to cover all pharmaceutical costs. The ultimate goal is to make medication more affordable and accessible for everyone.

For a comprehensive list of the drugs selected for price negotiations, please click here.

Overall, this development marks a significant milestone in healthcare policy, as Medicare gains the ability to negotiate drug prices. By addressing the costs associated with essential medications, the Biden administration aims to enhance affordability and improve healthcare access for the elderly and those enrolled in Medicare.