The Biden administration on Tuesday (Aug 29) released its list of 10 prescription medicines that will be subject to the first-ever price negotiations by the US Medicare health programme that covers 66 million people, with big-selling blood thinner Eliquis from Bristol Myers Squibb and Pfizer among them. President Joe Biden's signature Inflation Reduction Act (IRA), signed into law last year,...
The Biden administration on Tuesday released its list of 10 prescription medicines that will be subject to the first-ever price negotiations by the US Medicare health programme that covers 66 million people, with big-selling blood thinner Eliquis from Bristol Myers Squibb and Pfizer among them.
Once implemented, the prices on negotiated drugs will decrease for up to nine million seniors who currently pay as much as US$6,497 in out-of-pocket costs per year for these prescriptions, Biden said. Other medicines picked for negotiations include Amgen's rheumatoid arthritis treatment Enbrel, Boehringer Ingelheim and Eli Lilly's diabetes drug Jardiance, J&J's arthritis and Crohn's disease medicine Stelara and insulin from Novo Nordisk.
US laws had prohibited Medicare from negotiating pharmaceutical prices as part of its prescription drug programme that began about 20 years ago. Wells Fargo analyst Mohit Bansal said the savings from negotiations on Jardiance, Januvia, AstraZeneca's Farxiga and Novo's Insulin Aspart, which cost the agency about US$16.5 billion total, could potentially free up Medicare's budget and make it easier to cover diabetes or obesity drugs.Novartis , whose heart failure drug Entresto was among the 10 selected, Eli Lilly and Merck said they believed the price-setting would stifle innovation in the sector and impact quality of care.
CMS Director Dr. Meena Seshamani said Medicare plans to use a review process to make sure insurance companies keep clinically appropriate access to negotiated drugs.
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