TL/DR –
Sen. Peter Welch has praised the White House’s decision to initiate negotiation offers on the first 10 prescription drugs that will be subject to price negotiation under the Inflation Reduction Act. The drugs in question treat a range of common and serious health conditions. These negotiations are part of a wider measure to allow Medicare to negotiate drug prices for up to 60 medications, a major cost-saving feature of the Inflation Reduction Act that aims to make life-saving drugs more affordable.
Welch Applauds White House Prescription Drug Negotiation Initiative
Sen. Peter Welch (D-Vt.) has expressed approval of the White House’s move to send initial negotiation offers to pharmaceutical companies for ten selected prescription drugs. The negotiations fall under the Inflation Reduction Act (IRA), allowing Medicare to discuss drug prices to lower healthcare costs. Pharmaceutical companies have until early March to respond to these offers.
“The ability for Medicare to negotiate drug prices signifies a major breakthrough for many Vermonters exploited by the inflated prices of Big Pharma,” said Welch. “This first bid by Medicare is a historic step in our efforts to lower drug prices, ensuring no one is forced to choose between essential medicines and necessities like food.”
The ten selected drugs target common and serious diseases including blood cancers, blood clots, chronic kidney disease, coronary disease, Crohn’s disease, diabetes, heart failure, peripheral artery disease, psoriasis, psoriatic and rheumatoid arthritis, and ulcerative colitis.
The Medicare Drug Price negotiation program, a key feature of the Inflation Reduction Act, provides Medicare the power to negotiate prices for up to 60 medications, offering potential savings for patients. Parts of Welch and Sen. Amy Klobuchar’s bill to end the ban on Medicare negotiating lower prescription drug prices for its 50 million seniors, introduced during Welch’s time in the U.S. House, have been incorporated into the legislation.
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