Biden's plan to lower Rx costs targets Pfizer and other drugmakers.

Pfizer will have to pay rebates to Medicare for five drugs, including Fragmin, Atgam, Nipent, Bicillin L-A, and Bicillin C-R, starting April 1 as part of President Biden's plan to lower prescription drug costs. The rebates are required because the prices for those drugs rose faster than the rate of inflation. Seniors could see their out-of-pocket costs for the drugs decrease by $2 to as much as $390 per average dose. The provision discourages other companies from hiking their prices at a faster rate than inflation in the future. Later this year, Medicare will start negotiating lower prescription drug prices for its beneficiaries.