Biden Administration Reveals Initial Drugs for Medicare Price Negotiations

The Biden administration has unveiled the first 10 medications that will be subject to price negotiations with Medicare, marking a significant step in the effort to reduce drug spending. The selected drugs, which treat conditions such as diabetes, cancer, and heart failure, are taken by millions of older Americans and cost Medicare billions of dollars annually. The negotiation program is projected to save the government $98.5 billion over a decade and is expected to eventually lower insurance premiums and out-of-pocket costs for many older Americans. The pharmaceutical industry has opposed the program and has taken legal action to block it.